Northern Horizon Capital’s recently launched Healthcare II fund has made its first acquisition, a care home for elderly persons in Tornio – the border city between Finland and Sweden.
The property, located in the very center of Tornio, was originally built as a hotel but has been completely refurbished into a nursing home in 2012, meeting all modern standards. The tenant is Mikeva, a well-known nationwide producer of care and housing services, with whom Northern Horizon Capital has a longstanding relationship. The nursing home in Tornio provides 24-hour care for 38 elderly persons.
“We are thrilled to make Healthcare II’s first acquisition, which fits perfectly into the fund’s investment strategy” says Mr. Jussi Rouhento, Fund Manager of Healthcare II. “Being right in the city center, providing a safe and homelike environment for the elderly is exactly what we want to do. The property is literally a stone’s throw away from the market square and is easily accessible for family and friends” continues Co-Fund Manager Andreas Michelsson. “This is only the first of many coming acquisitions in this segment. We have a strong pipeline and are constantly looking for opportunities to acquire similar assets in order to deliver attractive risk-adjusted returns to our investors, while making responsible investments – something that we have been doing successfully in this niche asset class since 2007” Rouhento concludes.
Healthcare II is NHC’s second fund investing in the Finnish healthcare real estate sector. The fund achieved a first closing in December 2013 and has a current investment capacity of approx. €70 million. Healthcare II remains open for further investors and a second closing will be held in Q4 2014.
Source: Northern Horizon Capital