Return to search

Teesland holds first close on Nordic fund on €90m

The UK fund manager of Australia’s Valad Property Group has seen more investor support than anticipated for its vehicle targeting “Europe’s most successful economic block.”

Teesland iOG has raised €90 million ($132 million) for Nordic Aktiv 2, surpassing expectations by €15 million.

The fund manager says it anticipated a first close of €75 million by the end of January, but the firm has beaten that projection. In a statement, the firm said it is comfortable meeting its overall target of €150 million and also believes that target will likely be reached earlier than expected.

The vehicle focuses on light industrial estates, secondary offices and mixed commercial assets in Denmark, Finland, Norway and Sweden that it can add value to.

Michael Bruhn, head of the group’s Nordic Region, said: “The Fund provides exposure to Europe’s most successful economic block. The Nordic economies have consistently outperformed the European average over the last decade and the region’s outperformance is set to continue.”

He added that the fund has an acquisition pipeline of €300 million currently under negotiation and is looking at a further €300 million.

The first Nordic fund was fully invested nine months earlier than forecasted.

Teesland is a London-listed pan-European fund manager with €4 billion under management. It is wholly owned by Australia’s Valad Property Group, which acquired Teesland’s majority owner Scarborough for £865 million (€1.1 billion; $1.7 billion) in June 2007. Valad has invested €7.5 million in Nordic Aktiv 2.