Global law firm Ashurst advised CapMan on the establishment of their third Nordic value-add real estate fund, the CapMan Nordic Real Estate III Fund.
The Fund, which includes Nordic, European, North American and Asian institutional investors, held its final closing in March 2021 with €564 million of equity commitments, exceeding its target size of €500 million and reaching its hard cap.
The Fund is the largest in CapMan's operating history and demonstrates the high-levels of confidence investors have in CapMan's value-add real estate investment strategy. With leverage, the gross investment capacity of the Fund exceeds €1.4 billion.
The Ashurst team worked closely across the London, Luxembourg, Munich and New York offices on all aspects of the fund-raising. Investment funds partner Nick Goddard led the team with partners Antonios Nezeritis, Cecile Henle, Detmar Loff, Jasmin Gütle, Margaret Sheehan, Sharon Kim and Nicola Hopkins, counsels Alastair Ladkin and Chiara Bardini, senior associates Andreas Elofs, Marc Hirtz and associates Frank Noesen and Marta Sassenhagen.
Nick Goddard commented:
"It was great to once again team up with CapMan on such a successful fund-raising and a record-breaker - in that it is the largest fund-raising in CapMan's operating history. CapMan and its value-add investment strategy and team had considerable support from its existing investor-base and from new investors too, which enabled it to close the Fund quickly and efficiently at its hard cap notwithstanding the global pandemic."
