CapMan Real Estate sells Helsinki office

The real estate fund of Nordic private equity firm CapMan has sold a Helsinki office to EM Group for an undisclosed sum which has no affect on CapMan Plc’s result for 2009.

The five-storey commercial property, constructed in 1891, is located at Ludviginkatu 3–5 in the centre of the Finnish capital in the Kaartinkaupunki district. CapMan Real Estate I acquired the building in 2007. Return details are undisclosed.

The fund, which launched in 2005, transferred to carry in 2007, but is still investing. The fund will not pay carried interest to CapMan from this exit because it has made 10 new investments since it transferred to carry.

CapMan manages three real estate funds, of which CapMan Real Estate I invests in commercial properties in the Helsinki metropolitan area, CapMan RE II in commercial properties and property development targets in Finland and CapMan Hotels RE in hotel properties in the Nordic countries.