Alma Property Partners has raised an initial SEK775m (鈧�84m) for a pan-Nordic opportunistic real estate fund.

The Stockholm-based private equity firm said institutional investors backed the vehicle, which has met 40% of its SEK2bn target raise.

Four undisclosed Nordic institutional investors backed the Alma Property Partners I vehicle.

Simon de Ch芒teau, partner and CIO at Alma Property Partners, said the company saw 鈥渆xcellent investment opportunities at the moment鈥�.

The fund bought its first asset in February, acquiring 53 apartments in Copenhagen and Lyngby.

The deal was completed using capital committed by founders and private professional investors.

Sveafastigheter Fund III sold the 5,000sqm portfolio.

鈥淩esidential prices in and near Copenhagen have appreciated since bottoming out in 2009,鈥� de Cha虃teau said, 鈥渂ut there is still good value in buying select portfolios of leased-out condominiums.鈥�

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