CapMan checks in with €872.5m

Nordic investor CapMan has closed its hotel real estate fund on €872.5m after 18 months on the road.

The CapMan Hotels RE fund raised €332.5m from 21 investors, mainly from Finland, with CapMan investing €5m. The remainder is made up of senior debt.

The new vehicle targets both existing and new hotel properties in Finland and Sweden, and made its first acquisition in January 2008 when it bought a 39-strong portfolio of assets from Northern European Properties Ltd

When the fund was launched at the beginning of last year, on a first closing of €835m, the aim was to reach a total size of €1.1bn

The hotel fund is the firm’s third private equity real estate fund, and now manages funds with a combined €1.9bn in commitments.

It is also the third fund CapMan has closed in 2009. Earlier in July it raised €138m to invest in listed companies, and in April closed its Russian fund on 118.1m, missing its initial target of €150m.

The firm is currently raising its ninth buyout fund, which held a first closing at the end of 2008 on €203m.