The commercial real estate industry in the Nordics focuses on investment, development, and management of properties such as office buildings, retail spaces, and residential complexes. This sector is characterized by its robust demand for sustainable and efficient buildings, aligning with the region's environmental goals. Companies range from large institutional investors to smaller venture capitalists, each providing unique services tailored to a rapidly evolving market. Notably, technology integration and climate considerations are shaping future developments, encouraging innovation and attracting foreign investment, contributing to sustained growth and stability in the Nordic commercial property scene.


The list features 17 significant investors operating in the Nordics, from corporate banking giants to private equity firms. Headquartered in notable cities like Helsinki, Stockholm, and Oslo, these investors range in size from large entities with over 10,000 employees to smaller firms with less than 50. Established between 1820 and 2021, each investor has engaged in various transactions in 2024, with total deals ranging from 1 to 30. This diverse group highlights a blend of established firms and innovative newcomers, driving forward their ambitious investment agendas in commercial real estate.


Top 17 Commercial Real Estate Investors in the Nordics


1. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the commercial real estate sector, exemplified by their acquisition of Apleona in 2016, which focuses on real estate services. In 2023, they acquired Radius Global Infrastructure, further solidifying their presence in the commercial real estate market. Additionally, their investment in Home, a rental housing platform, highlights their commitment to the real estate sector. With 30 investments in 2024 alone, EQT Group continues to demonstrate its active role in various investment domains, including commercial real estate.


2. PHM Group

  • Website: phmgroup.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 5001-10000
  • Number of deals in 2024: 2
  • LinkedIn: phm-group

PHM Group is a corporate investor based in Helsinki, Uusimaa, Finland, specializing in property maintenance and cleaning services. Founded in 1989, the company operates across multiple countries, serving housing companies and businesses that require reliable maintenance solutions. In recent years, PHM Group has made several strategic acquisitions to bolster its presence in the property maintenance sector. Notable transactions include the acquisition of Flow Fastighetsvärden AB in July 2021, which enhanced their digital property management capabilities, and the acquisition of BJØRNSHOLM in Denmark, aimed at improving service offerings in the region. Additionally, their acquisition of Kotikatu, a leading residential property maintenance provider in Finland, is part of a strategy to create a strong Nordic residential property maintenance services group. These transactions highlight PHM Group's active role in the commercial real estate context, particularly in property maintenance and management.


3. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity established in 1976, headquartered in Helsinki, Uusimaa, Finland. It specializes in providing sustainable financing solutions for projects across the Nordic and Baltic regions. NIB offers a variety of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at enhancing productivity and environmental benefits. In recent years, NIB has been involved in several notable transactions within the commercial real estate sector, such as providing debt financing to Bonnier Fastigheter, which raised approximately $19.4 million in September 2024, and Atrium Ljungberg, which secured around $88.6 million in post-IPO debt in March 2020. These transactions highlight NIB's active role in supporting commercial real estate projects, further solidifying its position as a relevant investor in this field.


4. Schibsted

  • Website: schibsted.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1839
  • Headcount: 5001-10000
  • Number of deals in 2024: 3
  • LinkedIn: schibsted-asa

Schibsted Media Group, founded in 1839 and based in Oslo, Norway, is a corporate investor primarily known for its operations in the digital marketplace sector. The company has transitioned from traditional publishing to focus on empowering users through online platforms for classified ads and second-hand goods. In recent years, Schibsted has made strategic acquisitions in the real estate sector, enhancing its portfolio in this area. Notable transactions include the acquisition of Habitaclia.com, a leading real estate portal in Spain, which bolstered Schibsted's position in the Spanish real estate market. Additionally, in 2024, Schibsted acquired HomeQ Technologies AB, a Swedish marketplace for first-hand rental apartments, which has shown significant revenue growth. These investments reflect Schibsted's commitment to expanding its influence in the commercial real estate sector, alongside its broader digital marketplace operations.


5. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has been involved in significant transactions within the commercial real estate sector, including the acquisition of Realia Group Oy, the largest service provider in real estate management and brokerage services in the Nordic countries. This acquisition highlights Altor's commitment to the real estate industry. Additionally, their diverse portfolio includes investments in various sectors, showcasing their broad investment approach while still maintaining a foothold in commercial real estate.


6. Kone

  • Website: kone.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1910
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: kone

KONE Corporation is a leading manufacturer in the elevator and escalator industry, founded in 1910 and headquartered in Espoo, Uusimaa, Finland. With over 10,000 employees, KONE provides innovative solutions for vertical transportation, including elevators, escalators, and automatic doors, along with maintenance and modernization services. KONE serves businesses and organizations in the construction and real estate sectors, helping them manage people flow in urban environments. The company has made several strategic acquisitions to enhance its position in the market, including the acquisition of Express Elevators in 2015, Excel Elevator in 2009, and Janzhoff Aufzüge in 2015. Additionally, KONE acquired a majority stake in Citylift SA in 2016 and the American City Elevator Company the same year. These transactions highlight KONE's commitment to expanding its influence and capabilities within the commercial real estate industry, making them a key player in the sector.


7. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group is a leading security solutions provider based in Stockholm, Sweden, specializing in locks, doors, gates, and entrance automation. Founded in 1994, the company has established itself as a leader in the security industry through innovation and a diverse product portfolio. In recent years, ASSA ABLOY has made several strategic acquisitions to strengthen its position in the commercial real estate sector. Notable transactions include the acquisition of Stiles Custom Metal, a U.S. supplier of steel doors and frames for commercial applications, which enhances their market presence in North America. Additionally, their acquisition of Leone Fence and a Canadian fencing manufacturer further demonstrates their commitment to expanding their product offerings relevant to commercial properties. These transactions highlight ASSA ABLOY's active role in the commercial real estate industry, particularly in providing essential security solutions.


8. Intrum

  • Website: intrum.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1923
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: intrum

Intrum is a credit management services company founded in 1923, headquartered in Stockholm, Sweden. With over 10,000 employees, Intrum provides solutions for debt collection, credit optimization, and financial education, serving both businesses and consumers across Europe. In recent years, Intrum has made significant strides in the commercial real estate sector through strategic acquisitions. Notably, in May 2023, Intrum acquired Haya Real Estate, a Spanish asset management platform, for 140 million euros, marking a key move to enhance its presence in the real estate market. Additionally, in December 2018, Intrum acquired Solvia for approximately $273 million, further indicating its commitment to expanding its footprint in real estate asset management. These transactions highlight Intrum's evolving strategy to integrate real estate management into its broader service offerings, positioning it as a relevant player in the commercial real estate industry.


9. Handelsbanken i Sverige


Svenska Handelsbanken AB, founded in 1871 and based in Stockholm, Sweden, is a prominent corporate bank that provides a comprehensive array of financial services, including loans, savings accounts, investment funds, and financial advice tailored for both individual consumers and businesses. The bank emphasizes personal service and strong customer relationships. In recent years, Handelsbanken has been actively involved in the commercial real estate sector, participating in significant transactions such as the post-IPO equity raises for Stendorren Fastigheter, which raised approximately $47.65 million in October 2024, and Swedish Logistic Property, which raised around $53.10 million in November 2023. Additionally, Handelsbanken has engaged in substantial debt financing for NCC, raising over $320 million in January 2022 and approximately $428 million in February 2012. These activities underscore Handelsbanken's role as a key player in financing commercial real estate ventures.


10. PropTech Farm

  • Website: proptechfarm.com
  • Type: Venture Capital
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: proptechfarm

PropTech Farm is a venture capital firm based in Gothenburg, Sweden, founded in 2021. The firm specializes in investments in real estate technology, focusing on startups that drive innovation and sustainability within the real estate sector. PropTech Farm operates primarily in the Nordics and Southeast Asia, aiming to support the development of technology solutions that simplify and enhance the real estate market. Notable transactions include a $2 million investment in Lazudi, a Thai proptech firm that aims to streamline the home buying and selling process, and a funding round for Propstreet, which raised $574,326 to support its early-stage development. Additionally, they led a funding round for Allihoop, a Stockholm-based startup, securing SEK 7.5 million for product development and expansion. These investments highlight PropTech Farm's commitment to fostering innovation in the commercial real estate landscape.


11. Länsförsäkringar Göteborg och Bohuslän


Länsförsäkringar Göteborg och Bohuslän is a corporate investor based in Gothenburg, Västra Götaland, Sweden, founded in 1845. As an insurance and banking company, it offers a variety of financial products, including car and home insurance, as well as savings plans. While primarily serving individual consumers, Länsförsäkringar has also made notable investments in the commercial real estate sector. In 2024, they participated in significant post-IPO equity transactions, including a $107,050,345 investment in Swedish Logistic Property and a $47,652,501 investment in Stendorren Fastigheter. These transactions highlight their active role in the commercial real estate market, showcasing their strategy to diversify their investment portfolio beyond traditional insurance and banking services.


12. Nordea

  • Website: nordea.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1820
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: nordea

Nordea Bank Abp is a prominent financial services company based in Helsinki, Uusimaa, Finland, founded in 1820. It offers a comprehensive range of banking and investment management services to both individual and corporate clients, with a strong presence in the Nordic region. Nordea's services include personal banking, business banking, and asset management solutions, which help clients manage their finances and investments effectively. In the context of commercial real estate, Nordea has been involved in several significant transactions, primarily in the form of debt financing for real estate companies. For instance, in 2024, it participated in a $275.6 million post-IPO debt transaction for Swedish Logistic Property, and in 2023, it was involved in a $697.8 million debt offering for Peab. These transactions highlight Nordea's active role in supporting the commercial real estate sector, making it a relevant player in this industry.


13. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to a variety of investment strategies aimed at achieving sustainable returns. In the commercial real estate sector, CapMan has made significant strides, particularly with its recent acquisition of Midstar Fastigheter AB, a Nordic hotel real estate portfolio consisting of 28 assets for EUR 0.4 billion. This acquisition enhances CapMan's position in the Nordic hotel investment market and aligns with its goal of increasing assets under management to EUR 10 billion. Additionally, CapMan's involvement in other sectors, such as infrastructure and natural capital, demonstrates its diverse investment capabilities, but its active participation in commercial real estate through strategic acquisitions solidifies its relevance in this category.


14. Visma

  • Website: visma.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in providing cloud-based accounting, payroll, invoicing, and HR solutions, primarily serving small and medium businesses as well as public sector organizations. Visma has a strong presence in Europe and Latin America, operating through a network of entrepreneurial companies. Notably, Visma has made strategic acquisitions to enhance its software offerings, including the acquisition of Agenteq Solutions Oy in 2018, which focuses on property management software. This acquisition aims to bolster Visma's capabilities in real estate management, indicating its involvement in the commercial real estate sector. Other acquisitions, such as Priorite and P8 Software, further demonstrate Visma's commitment to expanding its software solutions, although they are not directly related to commercial real estate.


15. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Seb, or Skandinaviska Enskilda Banken AB (SEB), is a leading banking group in Northern Europe, founded in 1856 and based in Stockholm, Sweden. The bank provides a wide range of financial services, including corporate and investment banking, asset management, and private wealth management. In 2024, Seb has been involved in 13 investments, showcasing its active role in the financial market. Notably, Seb has participated in significant transactions within the commercial real estate sector, such as the Post-IPO equity raises for Swedish Logistic Property, which raised over $107 million in September 2024 and $53 million in November 2023. Additionally, Seb has been involved in debt financing for major construction and real estate companies like NCC and Peab, raising substantial amounts in the past years. These activities highlight Seb's engagement in the commercial real estate industry, making it a relevant player in this sector.


16. M2 Asset Management AB


M2 Asset Management AB is a corporate real estate management company based in Stockholm, Sweden, founded in 1998. The firm specializes in property management, acquisition, and development, focusing on creating long-term growth and value enhancement through strategic investments in real estate. M2 Asset Management AB serves a diverse clientele, including businesses and organizations seeking professional management of their real estate assets. In 2022, they were involved in a transaction with OOF Group, which raised over $21 million in the secondary market, indicating their engagement in significant funding activities. More recently, in October 2024, they participated in a post-IPO equity transaction with Logistea, raising approximately $741,698. These transactions highlight their active role in the commercial real estate sector, further solidifying their relevance as a commercial real estate investor.


17. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and focuses on building long-term relationships with entrepreneurs by providing capital and guidance throughout their business journey. In recent years, Heartcore has made significant investments in the real estate sector, particularly through its involvement with companies like Ukio and Exporo. Ukio, which raised €27M in a Series A funding round led by Heartcore, aims to expand its portfolio of apartment units across Europe, highlighting Heartcore's interest in residential real estate. Additionally, Heartcore participated in funding rounds for Exporo, a PropTech company that has raised substantial capital to enhance its digital real estate investment platform. These transactions underscore Heartcore's commitment to supporting innovative solutions within the commercial real estate landscape.



Commercial Real Estate Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
PHM GroupHelsinki, Uusimaa, Finland5001-1000019892
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
SchibstedOslo, Oslo, Norway5001-1000018393
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
KoneEspoo, Uusimaa, Finland10001+19101
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
IntrumStockholm, Stockholm, Sweden10001+19232
Handelsbanken i SverigeStockholm, Stockholm, Sweden10001+18714
PropTech FarmGothenburg, Västra Götaland, Sweden1-1020210
Länsförsäkringar Göteborg och BohuslänGothenburg, Västra Götaland, Sweden201-50018452
NordeaHelsinki, Uusimaa, Finland10001+18206
CapManHelsinki, Uusimaa, Finland51-20019894
VismaOslo, Oslo, Norway10001+199616
SebStockholm, Stockholm, Sweden10001+185613
M2 Asset Management ABStockholm, Stockholm, Sweden11-5019981
Heartcore CapitalCopenhagen, Denmark11-50200717


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