News

Healthcare II to acquire three healthcare properties in Western and Southern Finland

Northern Horizon Capital’s latest fund, Healthcare II, has signed agreements for three new healthcare properties to be built in Finland. Two of the properties are located in Western Finland (Pori and Luvia) and one in Southern Finland (Hämeenlinna).

The tenant in all three properties, Mikeva Oy, is a Finnish nationwide social and healthcare operator. The company has been established in 1987 and produces a range of care services for both the public and private sectors. Northern Horizon Capital has a longstanding relationship with Mikeva.

The elderly home to be developed in Pori is located close to the city centre and will have space for 30 elderly persons. The Luvia property is located in the centre of Luvia, south of Pori. The property will be a nursing home for elderly people with room for 20 inhabitants. Finally, the care home in Hämeenlinna will offer residential care services to 15 disabled persons. Agreements for Hämeenlinna and Luvia were signed in June and July 2014 respectively and construction has already begun. Pori was signed in October and construction works are also progressing.

Healthcare II is Northern Horizon’s second fund investing in the Finnish healthcare real estate sector. The fund achieved a first closing in December 2013 and has a current investment capacity of approx. €70m. In addition to these development projects, the fund has made three other investments in 2014 and is looking to add several acquisitions in the coming months. Healthcare II remains open for further investors and will have the timing of its next closing confirmed in 2014.

For further information please contact:

Mr. Jussi Rouhento, Head of Finland &
Fund Manager Healthcare II
Tel: +358 40 512 9577, jussi.rouhento@nh-cap.com

Mr. Andreas Michelsson, Co-Fund Manager Healthcare II
Tel: +358 40 703 3445, andreas.michelsson@nh-cap.com