Northern Horizon’s new real estate fund, Nordic Aged Care, which will expand the group’s participation in elderly care homes across the Nordic region, has raised €121 million at first close, based on cornerstone investments from, among others, Aviva Investors Global Indirect Real Estate.
Similarly with the rest of Europe, the population of the Nordic countries is ageing rapidly. “We already see a substantial shortage of care facilities across the Nordics to accommodate the present and future need for more beds and more flexible care,” Michael Schönach, CEO of Northern Horizon said. “This creates a unique opportunity for private equity real estate investors. We much appreciate the support of our first closers to the new fund".
Nordic Aged Care follows two predecessor funds that focused exclusively on care home assets in Finland. With the first close, the new fund is already halfway towards its €250 million final close target.