DFX Intelligence
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N••• A•
Multi-strategy real estate managerExempt reporting adviser$5B to $25B· Stockholm
Multi-strategy real estate manager, based in Stockholm, reporting $5.7B of real estate gross assets across 6 vehicles.
Composed from this manager's Form ADV filings and classification.
As of · the latest Form ADV filing; property activity carries its own dates
- Real estate GAV
- $5.7B
- Current vehicles
- 6
- Institutional LPs
- 1
Form ADV, Schedule D, real estate vehicles summed
Form ADV, Schedule D 7.B.(1)
Pension and endowment disclosures
As of · the latest Form ADV filing; property activity carries its own dates
Why this matters
- Institutional LPs 1
- Graphs 1
Identifiers, size band and strategyCRD 161236 · SEC 802-107609ShowHide
What capital do they manage?
- Real estate GAV
- $5.7B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
- Vehicles
- 6 current, 8 ever, 2 dropped0 feeders, 0 funds of funds
How the GAV is measured, and the filing detailShowHide
- First on the tape
- 2012the extract starts in 2011; an earlier history is not visible
- Latest filing
- Mar 25, 2024exempt reporting adviser
- Fund types on the latest filing
- Real Estate Fund 6
- Latest vintage
- 2023from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
- Strategy
- Multi-strategy
- Operator model
- Hybridbasis: stated
- Property types
- Multifamily, Industrial, Office, Retail, Hotel, Single-family rentalbasis: stated
- Markets
- Nordics, Sweden, Norway, F••••••, Denmark, Stockholm, Gothenburg, Helsingborg, and the Mälardalen regionbasis: stated
- Business kind (site)
- Real estate manager
- AUM in its own words
- €5.2 billion AUM across 11 active fundsthe manager's statement, not a DFX figure
In the manager's own words18 quotesShowHide
- Core plus: “Core-Plus strategy is launched – N••• becomes multi-strategy.”
- Value add: “Real Estate Value-Add”
- Multi-strategy: “N••• is undergoing a transformative journey, expanding its scope from a real estate manager to a versatile multi-asset manager.”
- Debt: “We provide flexible and sustainable financing solutions across real assets and the real economy.”
- Development: “In-house project development is started.”
- Multifamily: “We invest across residential, logistics, office, and retail real estate, focusing on unlocking each asset’s full potential through development, repositioning, and active asset management.”
- Industrial: “We invest across residential, logistics, office, and retail real estate, focusing on unlocking each asset’s full potential through development, repositioning, and active asset management.”
- Office: “We invest across residential, logistics, office, and retail real estate, focusing on unlocking each asset’s full potential through development, repositioning, and active asset management.”
- Retail: “We invest across residential, logistics, office, and retail real estate, focusing on unlocking each asset’s full potential through development, repositioning, and active asset management.”
- Hotel: “N••• Real Estate has divested the C••••• P•••• h•••• p••••••• at Ørestads Boulevard 114 in C•••••••••.”
- Single-family rental: “In 2024, N••• Real Estate acquired the first assets in its F•••••• S••••••••• P••••••••, establishing a platform of rental homes across key Finnish markets.”
- Nordics: “N••• is a leading private markets firm in the Nordics, investing across Real Estate, Infrastructure and Credit.”
- Sweden: “Country Sweden”
- Norway: “In 2024, N••• Real Estate finalized the acquisition of A••••••’s new central warehouse, located north of Gardermoen, Norway.”
- F••••••: “Real Estate Value-Add F•••••• S••••••••• P••••••••: a platform of rental homes”
- Denmark: “C••••••••• R••••••••• P•••••••: High-quality property in a prime location”
- Stockholm: “a mezzanine financing was completed as part of a SEK 715 million capital structure secured against a prime office property in central Stockholm.”
- Gothenburg, Helsingborg, and the Mälardalen region: “The portfolio comprises five high-quality assets located in Gothenburg, Helsingborg, and the Mälardalen region.”
Vehicles
8 on Form ADV
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| N••• N••••• V•• A• 805-1999127591 | fund | $2.7B GAV 2024 | 27 | 2019 to 2024 | 2019 | Deploying | ||
| N••• N••••• V••• A• 805-4797457735 | fund | $960M GAV 2024 | 10 | 2023 to 2024 | 2023 | Deploying | ||
| N••• N••••• F••• V• 805-2184305155 | fund | $763M GAV 2024 | 28 | 2016 to 2024 | 2016 | Harvesting | 1 | |
| N••• N••••• C•••••••• I• 805-7212786471 | fund | $634M GAV 2024 | 16 | 2018 to 2024 | 2018 | Harvesting | Core plus | |
| N••• N••••• C••• P••• I•• 805-5241234832 | fund | $521M GAV 2024 | 20 | 2023 to 2024 | 2023 | Raising | Core plus |
All 6 current vehiclesShow fewerlargest GAV first
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| N••• N••••• V• L• 805-6755523866 | fund | $53M GAV 2024 | 34 | 2014 to 2024 | 2014 | Winding down |
2 dropped, re-typed or historical vehicles
| Vehicle | Kind | GAV | Owners | Reported | Vintage | Lifecycle | Name says | LPs |
|---|---|---|---|---|---|---|---|---|
| N••• N••••• F••• I• 805-4147143980, dropped 2017 | fund | $326M GAV 2016 | 33 | 2016 to 2016 | 2016 | Dropped from ADV | ||
| N••• N••••• I••••••••• F••• I••• L••• 805-6819664236, dropped 2015 | fund | $167M GAV 2014 | 17 | 2012* to 2014 | unknown | Dropped from ADV |
What do they actually own?
0 trusted of 0 candidate bindings
No validated holdings yet. Candidate bindings stay off this page until their rule passes the blind-label gate.
Properties the manager names on its site
- C••••• P•••• h•••• p•••••••, Ørestads Boulevard 114, C••••••••• (hotel) “••• Locked”
- A•••••• W••••••••, Gardermoen, Norway (industrial) “••• Locked”
- T••••• P•••••, Helsinki, F•••••• (office) “••• Locked”
- S•••••• R••••• P••• ••••••• H••••••, Jönköping, Sweden (retail) “••• Locked”
- C••••••••• R••••••••• P•••••••, C•••••••••, Denmark (multifamily) “••• Locked”
- G••••••• C••••• S••, Sweden (retail) “••• Locked”
- F•••••• S••••••••• P••••••••, F•••••• (single_family_rental) “••• Locked”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
No attributed events yet. An event reaches this page only through a validated holding binding.
Who finances them?
0 loans, 0 lender groups
No recorded loans through trusted holdings.
Who backs them?
1 allocators, 1 rows
- N•• Y••• S•••• C••••• R••••••••• F••• in N••• N••••• V• stem_sequence$27.1M fair value, as of Mar 31, 2025 osc.ny.gov
People
Form ADV Schedule A, latest filing
- S••• P•••• U•••• E•••••••• Shareholder since 2007-07
- R•••• U••••• S••••••• Director since 2012-01
- P•••• M•••• H••••• S•••••• Director since 2012-10
- D••••• A•••••••• Head Of Acquisitions since 2020-10
- H••• R••••• H••••••••• Head Of Am And Managing Partner since 2020-11
- J••••••• L••• C•••• A•••••••• Managing Partner, Head Of Ir And Communications since 2020-11
- J•••• M•••••• P••••••• Cfo since 2020-11
- H•••• J•••••••• Chairman since 2021-09
What is changing?
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 31, 2023 (observed) ••• Locked
- Vehicle first reported Mar 29, 2019 (observed) ••• Locked
- Vehicle first reported Mar 29, 2018 (observed) ••• Locked
- Vehicle dropped from ADV Apr 3, 2017 (observed) ••• Locked
Full timeline · 11 eventsShow fewer
- Vehicle first reported Mar 30, 2016 (observed) ••• Locked
- Vehicle first reported Mar 30, 2016 (observed) ••• Locked
- Vehicle dropped from ADV Mar 31, 2015 (observed) ••• Locked
- Vehicle first reported Mar 31, 2014 (observed) ••• Locked
- First ADV filing on the tape Feb 14, 2012 (observed) ••• Locked
- Vehicle first reported Feb 14, 2012 (observed) ••• Locked
Across DFXHow records are bridgedBridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.
Not yet on record: properties held.