CapMan Weighs Sale of Nordic Hotels With Price Said $895 Million

CapMan Oyj, the Nordic private-equity group with 2.7 billion euros ($3 billion) under management, is weighing the sale of 38 hotels in northern Europe held by one of its funds.

The company has appointed the Catella Group to advise on options for the future of CapMan Hotels RE Ky, which acquired the hotels for 805 million euros in 2008, CapMan head of real estate Mika Matikainen said on the sidelines of a conference in Munich. He declined to comment further.

The options include a sale of the assets, an extension of the fund’s duration or opening it up to new investors, according to two people familiar with the matter. The hotels, one of which is in Sweden with the rest in Finland, will probably sell for more than 800 million euros, the people said, asking not to be identified because the details are private.

Global real estate investors have been targeting the Nordic region because it’s viewed as a haven due to its economic stability. Blackstone Group LP, the world’s largest manager of alternative assets, last year paid $2.7 billion to buy properties across the region from funds managed by Obligo Investment Management AS.

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