"The market for raising capital was challenging during this period and we are grateful to the investors from our previous funds who provided most of the capital for Fund III. We also raised capital from a handful of high-quality European institutional investors who are new to Alma , including our first from Switzerland and Norway. With new capital, Alma will be very active on the acquisition side in the coming years," says Sloan Wobbeking, Partner & CEO at Alma Property Partners
Alma's third fund has already completed seven acquisitions across three investment strategies and there are several deals under exclusivity that Alma is likely to complete in the coming months. All the properties acquired so far are in the light industrial and care sectors in Sweden and Denmark. The fund will be active on the acquisition side over the next few years as less than 10 percent of the capital has been invested so far.
"I am grateful to both new and existing investors that we have been able to increase the size of our fund by almost 40 percent compared to before despite a challenging capital raising market. We have deliberately been patient in investing the capital to date as it has taken time for market prices to adjust to the new conditions. It has been challenging to agree on pricing with sellers, but some deals will close in the coming months and there are some attractive deals in our pipeline. We have a lot of dry powder to invest and we believe the market will loosen in 2024," says Simon de Château, Partner & CIO at Alma Property Partners.
Advisers for the establishment of Alma Property Partners III AB were Roschier and Svalner.