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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

CapMan real estate fund exits final investment

CAPMANAnalyst Comment13.10.2026 klo 09.28
Kasper MellasAnalyst
Discuss

Translation: Original published in Finnish on 10/13/2026 at 7:20 am EEST.

CapMan announced that its CapMan Nordic Real Estate I (NRE I) fund has sold its last investment and is now winding down. As the fund had already entered carry, the exit from the shopping center in Esbjerg, Denmark, will generate carried interest for the company. We had already factored carried interest from this fund into our forecasts, so the announcement contained no material new information on CapMan’s earnings outlook.

NRE I was CapMan’s first fund focused on Nordic real estate investments and has served as an important foundation for the company’s current real estate strategy. The successful closing of the fund is a strong demonstration of the investment team’s expertise, which carries particular weight during the company’s ongoing fundraising cycle. CapMan’s newest real estate fund, NRE IV, reached its first closing at the end of June.

 

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CapMan is an investment company. The vision is to be a long-term owner and create added value for the shareholders in the long term. CapMan mainly invests in medium-sized unlisted companies, properties and infrastructure facilities around the Nordic market. Furthermore, the company offers asset management, purchasing activities as well as analysis, reporting and back office services. CapMan was founded in 1989 and its headquarters are in Helsinki, Finland.

Read more on company page

Key Estimate Figures06.08.

202526e27e
Revenue63.072.689.0
growth-%9.4 %15.2 %22.7 %
EBIT (adj.)25.830.446.8
EBIT-% (adj.)41.0 %41.8 %52.5 %
EPS (adj.)0.090.110.17
Dividend0.120.130.14
Dividend %6.3 %7.5 %8.1 %
P/E (adj.)21.415.29.9
EV/EBITDA13.210.06.6

Forum discussions

Tässä on Kassun kommat tuohon tuoreimpaan uutiseen liittyen. Inderes – 13 Oct 26 CapManin kiinteistörahasto irtaantui viimeisestä kohteestaan...
15 hours ago
by Sijoittaja-alokas
11
News Powered by Cision CapMan Nordic Real Estate I päättää elinkaarensa myytyään viimeisen... CapMan Real Estate -lehdistötiedote 12.10.2026...
yesterday
by Cadel
26
Without significant carried interest from the funds, Kauppalehti’s forecast today for next year’s dividend (14 cents/share) would mean that ...
9/24/2026, 11:46 AM
by hulabaloo
4
News Powered by Cision CapManin hallitus on päättänyt varsinaisen yhtiökokouksen valtuuttamasta... CapMan Oyj Pörssitiedote / Muut pörssin s...
9/8/2026, 8:04 AM
by Cadel
19
Familiar from the “Alokas haastattelee” (Beginner interviews) thread CapMan’s CEO Pia Kåll was there to talk about her company as an investment...
9/7/2026, 3:28 PM
by Sijoittaja-alokas
8
Apologies for the delayed response! The best overview of the total fundraising can be seen from CapMan’s own slides: Personally, I expect Infra3...
8/31/2026, 9:47 AM
by Sauli Vilen
22
Inderes CapMan Oyj: Johdon liiketoimet - Kummu Capital Oy - Inderes CapMan Oyj Pörssitiedote / Johtohenkilöiden liiketoimet 24.8.2026 klo 16...
8/24/2026, 3:16 PM
by Tuuukka
13