CapMan raises €872.5m hotel fund

CapMan, the Helsinki-based alternatives fund manager has held a final closing for a hotel fund to invest in Finland and Sweden. The fund has already made an investment into 39 hotels and has two and half years to continue investing.

Helsinki-based CapMan has raised €872.5 million in equity and debt for its CapMan Hotels Real Estate fund aimed at investing in both completed assets and developments in the Nordic region.

The fund, which closed on €332.5 million of equity from 21 institutions primarily from Finland, had already invested in a portfolio of 39 hotels when it launched in January 2008. The vehicle has a further two and half years to invest in more assets and is targeting Finland and Sweden for the majority of its investments.

CapMan Hotels RE Oy, the manager of the fund, has committed €5 million of the equity. The manager is 80 percent owned by CapMan, which currently manages approximately €3.4 billion of investible capital and invests in Russia as well as the Nordics.

Pirjo Ojanperä, head of the fund, said: “We develop the hotel properties in cooperation with tenants. The most significant development projects this year have targeted Cumulus Airport Hotel near Helsinki-Vantaa Airport and Rantasipi Laajavuori Hotel in Jyväskylä.”