Capman, the Finnish alternative asset manager, has made an acquisition for its Helsinki-focused vehicle, Real Estate Fund I.
The fund has bought a seven-story office built in 1973 that underwent refurbishment at the end of the 1990s. The seller, Germany’s IVG Immobilien, did not divulge the price.
The deal is the latest for Real Estate Fund I, which is still investing despite a recent exit. At the end of June, it sold a five story block, but said it was still in “investment mode”.
The fund was raised in 2005 and famously went on to sell a package of 22 commercial properties for €377 million to Samson Properties, The Royal Bank of Scotland and Ajanta Oy in December 2006 before the credit crunch took hold.
At the time it was the largest single international real estate transaction ever made in Finland and left the fund with an investment capacity of approximately €200 million.
In all, CapMan manages three real estate funds including CapMan Real Estate I. CapMan RE II invests in commercial properties and property development in Finland and CapMan Hotels RE in hotel properties in the Nordic countries.
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