Northern Horizon Exits its Second Care Home Fund
In a transaction signed and closed last week, Northern Horizon has sold its Healthcare II fund to a fund managed by Evli. The transaction values the fund’s 30-asset Finnish portfolio at EUR 141M.
“The exit completes the story of one of the highest quality healthcare real estate portfolios in Finland. The portfolio consists of new assets 100 percent let on leases with an average remaining term exceeding 12 years. By exiting now, we were able to achieve a 50 percent capital gain on the equity invested. This is why we feel that it was in the investors’ best interest to exit now.”
Andreas Michelsson, Co-Fund Manager of Healthcare II, adds:
“In terms of net IRR, the fund has surpassed its original goal by a factor of three while delivering the targeted equity multiple in less than half the expected time. From our point of view, the portfolio is currently at its peak and there was no more work for us to be done to further enhance the value.”
JLL and Krogerus advised Northern Horizon on the structured sales process.
Maria Olsson Äärlaht