Niam, the Stockholm-based private equity real estate firm, has fully divested its €670 million Niam Nordic Fund IV for a total disposition value of €2.7 billion.
The firm acquired 80 office and retail properties, mainly in Sweden and Norway, valued at around €2 billion during the acquisition period for the fund. After exiting its last asset Niam has provided its investors with a net internal rate of return (IRR) of 15 percent and an equity multiple of 1.7x.
Notable deals in the fund include the acquisition of 40 office properties in Sweden from AP Fastigheter in 2008. The 40 properties in the portfolio were ultimately sold through 28 transactions to 22 different buyers.
The returns place the fund among the top 5 percent of 2007-vintage funds in the world, according to the Cambridge Associates benchmark.
“Niam’s disciplined investment approach at acquisition and active asset management during the holding period create added value in every investment and attractive risk-adjusted returns to our investors,” said Johan Bergman, chief executive at Niam.
“I feel confident that the Niam organization will continue to deliver to the highest standards in our current funds under management with €4 billion in combined property value and investment capacity.”
The firm is currently investing capital from its sixth fund in its opportunistic series after smashing its original hard cap back in January when it garnered €800 million for Niam Nordic VI. Niam's previous opportunity fund, Niam Nordic V collected €719 million.
Niam also held a €134 million first close for its second core-plus fund – Niam Nordic Core Plus II – in June. The fund is targeting a net IRR of 8 percent and an annual income yield of 5 percent.