Historical Performance

Norama Real Estate Fund S.C.A., SICAV-SIF​


Norama Real Estate Fund S.C.A. was established in 2013, converted to a SICAV-SIF in 2016, and closed in 2021. Through strategic investments in commercial real estate assets in the Greater Copenhagen region, this closed-end fund has delivered attractive risk-adjusted returns in combination with solid long term capital growth.

Successful exit timing​

  • Portfolio trimmed before exit
  • Premiums paid for portfolios
  • > 60 NDA:s signed by international investors as well as institutional capital and listed companies
  • 13 individual bids on the entire portfolio, another 7 separate bids on part of the portfolio

Key summary conclusions from Hardman & Co audit

  • Wise strategic positioning, for example ruling out malls and hotels from the 2012 inception
  • Good tactics focusing on propitious geographic clusters in strong growth locations
  • Strong lifetime rise in NAV per share, consistent dividends, trebling seed investor’s money
  • Clean 100% cash exit to investors, with buyers paying a portfolio premium for successful efforts by Norama to put together a consistent and strong asset set
  • The success of the strategy – backed by deep local knowledge and contacts – would appear to be repeatable as it was created by specific actions which would be viable also in the near future
  • Viable, attractive alternative to other vehicles
  • The strategy of assembling a lower risk-portfolio, growing rents steadily, buying well and exiting at a portfolio premium would appear to be repeatable
  • The management team has strong local connections

NAV per share returns (not annualised)

  • Total from inception, including coupons (5% pa) +263%

For more information on the Norama Real Estate Fund, downlowd an independent fund analysis produced by Hardman & Co.