CapMan Real Estate (CapMan) is strengthening its focus on institutional investors in Germany. As the property platform of the listed Finnish private asset manager CapMan Plc, the company offers a strategic range of property investment solutions in Finland, Sweden, Denmark and Norway.
Companies within the CapMan Group already manage more than €2 billion in assets under management (AuM) for German institutional investors. As part of its strategy to continue providing comprehensive support to existing investors whilst simultaneously building new investor relationships, CapMan has recently appointed Philip Khoo to its fund investor relations team. Within the property platform, Khoo will focus on capital raising and investor relations, working closely with Selinus Capital GmbH, CapMan’s partner specialising in capital raising in Germany.
“I am delighted to contribute to CapMan’s continued growth and to bring my experience in property fund management to the Fund Investor Relations team. My technical background and in-depth knowledge at fund level give me a deep understanding of CapMan’s strategies and the needs of our investors. I look forward to working with our existing and new investor partners,” says Philip Khoo, Associate Manager at CapMan.
CapMan Real Estate was founded in 2005 and currently manages a property portfolio with a fair value of around €6 billion. Just under 80 per cent of the portfolio is allocated to ‘Living’ strategies, particularly residential and hotel properties.
The Nordics continue to attract institutional capital
The Nordic countries are regarded as established European property markets. This is underpinned by stable political and economic conditions, as shown by the results of the World Bank’s Worldwide Governance Indicators. Added to this are high market transparency, as reflected in JLL’s Global Real Estate Transparency Index, and long-term structural growth drivers, which are also evident in the latest GDP growth forecasts in the OECD Economic Outlook.
Activity in the Nordic property investment markets has recently picked up again. According to data from CBRE, transaction volume in the Nordics rose by 26 per cent in 2025 compared with the previous year. This meant that the region accounted for around 15 per cent of total European property transaction volume.
Residential property, hotels and public-use properties are benefiting from long-term structural developments such as urbanisation, population and tourism growth, as well as investment driven by the sustainability transition.
“We continue to see strong interest from German institutional investors in the Nordic property markets,” says Mika Matikainen, CEO and Managing Partner of CapMan Real Estate. “Key drivers include the region’s economic resilience, high market transparency and attractive sector dynamics across all Nordic countries. Many investors also view the Nordic markets as an attractive complement within a broader European property allocation. With our local presence and a team of around 80 people across four offices in the Nordic capitals, as well as our long-standing market experience, we aim to offer institutional investors structured access to these markets.”
Diversified fund platform with a focus on the Nordics
CapMan’s property platform comprises open-ended core and core-plus strategies, as well as closed-ended value-add funds. The focus is on residential property, hotels, social infrastructure and selected other sectors underpinned by long-term demographic developments and usage trends.
Sustainability considerations are fully integrated into the investment and asset management process. All active funds managed by CapMan Real Estate are classified under Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). Four funds have a five-star rating from GRESB, whilst three others have a four-star rating. Furthermore, CapMan adheres to the Principles for Responsible Investment (PRI) and the Science Based Targets initiative (SBTi).
The hotel strategy focuses on hotels in metropolitan areas, economically strong cities and established leisure destinations in Sweden, Finland, Denmark and Norway. The portfolio comprises more than 50 hotels with around 10,000 rooms. Key operators include Scandic and Strawberry. The income-generating hotels are secured by long-term rental or lease agreements with inflation-indexed components. The majority of rental income stems from fixed rental or lease structures, supplemented by additional income potential through revenue-based factors.
CapMan’s residential income strategies invest in more than 60 well-located apartment blocks comprising around 4,000 high-quality flats for middle-income households in the largest Nordic cities. The aim is to combine stable recurring cash flows with long-term value growth.
CapMan has many years’ experience of investing in social infrastructure in the Nordic countries. This includes, amongst other things, education and healthcare properties, as well as buildings used by government bodies and security authorities. These investments are characterised by long-term tenancy agreements, inflation-indexed cash flows and public-sector tenants.
The value-add strategies focus on residential property, public infrastructure property and selected other sectors with repositioning and development potential, as well as long-term demand growth in the largest Nordic cities. Value creation is to be achieved through active asset management, modernisation and ESG measures. CapMan utilises its local market presence to identify and acquire investments, with a significant proportion of these being realised through off-market transactions.
