Nordic real estate funds post strongest quarter since 2021

Nordic real estate funds delivered their strongest quarter since 2021, with logistics and residential leading the recovery as interest rates stabilised.

The funds listed on GC Invest returned between 2.1% and 3.4% for the quarter. Nordic RE Fund 01 was the top performer, driven by full occupancy in its Gothenburg logistics portfolio and two rent reviews above budget.

Transaction volumes are still below the 2021 peak, but the bid-ask spread has narrowed enough for several funds to resume acquisitions. Managers we spoke to expect residential to outperform offices for at least another year.

Market Insight will publish the full quarterly review, including fund-by-fund tables, next week.