Niam reaches €180m-plus for core-plus Nordics fund

The Stockholm-based company, best known for large opportunistic funds, has now held a second close on a core-plus Nordics product targeting 10% net returns for LPs.

Niam, the Stockholm-based pan Nordic real estate investment manager, has bulked up fundraising for its new core-plus fund to just over €180 million, PERE has learned.

The company announced in June this year that it had held a first close of €133 million for the Niam Nordic Core Plus real estate fund, but it has now corralled another €50 million taking it closer to a hard cap of €300 million.

Investors that have committed to the fund already are European corporate pensions funds, insurance companies and financial institutions that come mainly from Germany, Sweden, Finland and France. The European nature of the investors is unlike the LP base of Niam’s opportunistic series, which is more global.

Niam believes it has spotted a gap in the market to invest in asset management-required situations across its home markets of Sweden, Finland, Denmark and Norway. The fund is targeting office, retail and residential property investments and is taking on leverage of around 50 percent of the asset value and targeting a 10 percent net return to LPs.

Up until now, Niam has raised opportunistic funds only. In May it held a final close of the latest of the Niam series when it announced its largest fund to date. It raised €719 million for Niam Nordic V, which is on course to become the second largest opportunity fund in Europe to close this year behind Patron Capital's Fund IV.