Nursing fund receives capital grant: KZVK Dortmund and Helaba invest in Scandinavian nursing homes

The Kirchliche Zusatzversorgungskasse Dortmund (Dortmund Church Supplementary Pension Fund) and Helaba are investing €220 million in the Aged Care Social Infrastructure Fund (ACSIF) of asset manager Northern Horizon. This capital commitment brings the fund's equity to over €600 million. Assets under management total approximately €900 million.

The fund is already investing the new funds in nursing homes. Northern Horizon has invested €120 million in nursing properties in Sweden, Finland, and Denmark. In Denmark, the fund acquired three 182-bed nursing homes from the pension company AP Pension. In Finland, ACSIF acquired two properties in Espoo and Lahti with 127 beds. In Sweden, the fund secured an 80-bed nursing home, which will be completed in 2027.

The investment is part of a larger strategy by the Dortmund pension funds. The funds aim to increase their real estate share from the current 15 percent to around 25 percent over the next five to ten years, a spokesperson told this editorial team. To this end, they are investing €500 to €700 million annually in three to four new funds.

"It has been a challenging time for many managers in raising capital. We are honored by the continued support," said Andrew Smith, Partner and Head of Business Development at Northern Horizon. The capital raise represents the largest single ticket in the company's history.

Following recent transactions, ACSIF's portfolio consists of 70 fully let healthcare properties in Sweden, Finland and Denmark.

Northern Horizon was founded in 2007 and specializes in social infrastructure in the Nordic countries. The company has made over 160 investments in care and senior living properties since 2007. The ACSIF is the company's fifth healthcare fund and was launched in 2024.