Niam adds core-plus to opportunistic strategy

The Stockholm based company is raising a core-plus real estate fund to add to its series of Nordic opportunistic funds.

Niam, the Stockholm-based pan Nordic manager of opportunistic funds, is branching out into a core-plus strategy.

The company said it has held a first close of €133 million for the new vehicle with investors being German, Swedish, Finnish and French public and corporate pension funds and financial institutions.

The Niam Nordic Core Plus real estate fund will target office, retail and residential property property, and chief executive, Johan Bergman, said in a statement he looked forward to expanding the firm’s investment activities into a new strategy. “Where we are seeing interesting acquisition opportunities,” he added.  

Up until now, Niam has raised opportunistic funds only. In May it held a final close of the latest of the Niam series as it announced its largest fund to date. It said it had raised €719 million for Niam Nordic V. The vehicle is already more than 15 percent invested with deals sourced through local offices in Stockholm, Oslo, Helsinki and Copenhagen.

Next month, PERE publishes its annual Nordic Roundtable discussion. Within that, Bergman says of the new core-plus strategy: “We see opportunity in the core-plus space. This strategy started because we saw there were very good deals that weren’t for our opportunity funds. By good deals, I mean centrally located products that are less risky and require less work but still make sense to do because the fundamentals are there.”