Brunswick Real Estate has successfully held the first closing of its second senior debt fund in the Nordics for €270m (SEK 2.6bn), thereby reaching circa €410m (SEK 4bn) under management. Main investors are some of the region’s largest institutions.
The successful first close reinforces real estate debt as an asset class as well as continuing investor demand for Nordic commercial real estate exposure.
For the second fund, BRE has sought funding from existing sources of capital including Norway’s largest life insurer Kommunal Landspensjonskasse and Swedish PRI Pensionsgaranti. In addition, new investment has come from the leading Swedish insurance and pension savings company Folksam.
Brunswick Real Estate Capital II is an unlevered closed ended real estate debt fund offering senior secured lending in Sweden, primarily in the range of €20.6m (SEK 200m) to €61.8m (SEK 600m) per loan with a term of up to ten years.
Louise Richnau, CEO and Partner of Brunswick Real Estate Capital, said: “Demand for Nordic real estate remains high and with macro issues such as the Brexit vote and the US Elections creating uncertainty in other markets, we believe investors will continue to be attracted to safe havens like the Nordics.”