About Niam

About Niam

Niam, founded in 1998, is a leading private equity real estate firm in Northern Europe with real estate assets under management of approximately €2.4 billion as of December 31, 2013. Our head office is located in Stockholm, Sweden, and we have local offices in the Nordic capital cities of Oslo, Helsinki and Copenhagen with a total of 47 employees. Niam has one of the largest real estate teams specifically focused on the Nordic Region with 27 acquisitions and portfolio management professionals. We recognize that our core strength is our people and our success is dependent upon attracting and developing the top real estate professionals in the region. Simply stated…Niam is people.

Niam strives to be the Partner of Choice for Nordic real estate. Our network encompasses strong relationships that extend over decades with leading global institutional investors, European banks, tenants, municipalities and the local community. Our people in total have over 500 years of real estate experience and the top 20 managers average over 20 years of direct real estate experience. It is this collection of knowledge that makes Niam the Partner of Choice.

Our ambition is to be the leading private equity real estate firm in Northern Europe.  Our opportunistic funds target 20% gross returns (approximately 15% net returns) and our core plus fund targets 12% gross return (approximately 10% net return).  Niam III and IV are strong top quartile performing funds as shown below. Niam V and Niam Core-Plus are currently investing capital so it is too early to provide a meaningful benchmark.

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Note: Benchmarking data provided by Cambridge Associates, Q1 2013; Benchmark not available for Niam V vintage year. The index is an end-to-end calculation based on data compiled from 365 opportunistic real estate funds, including fully liquidated partnerships, formed between 1988 and 2012. For vintage year 2004 the number of funds was 28 and for vintage year 2007 the number of funds was 58.

 

As part of our focus on top performance, Niam strives to be a leader in investor communication, reporting transparency and sustainability initiatives.

Investment Strategy

Niam's team of experienced real estate investment professionals draw upon their long-standing local relationships and experience of investing in the Nordic Region to analyze and interpret the property market on an ongoing basis. This foundation of expertise is combined with a formal analysis of macroeconomic conditions and their projected impact on the local property markets in order to shape an investment strategy. Niam uses a disciplined investment approach to identify opportunities with attractive risk-adjusted return and to strategically allocate capital within the Nordic region and among all asset classes.

Despite similarities between the Nordic countries, the individual markets in the Nordic region operate as independent economies rather than one homogenous market. Opportunities and risks are therefore not identical between each of the target markets. This dynamic allows for relative advantages including diversification benefits when making investments among the target countries. Furthermore, as one of the major property owners in the Nordic region, Niam is uniquely positioned to benefit from the data and property intelligence gathered from its own property holdings.

How we add value

Niam creates value through rigorous asset selection and active asset management. Niam employs a thorough and conservative underwriting approach centered upon achieving our targeted returns while limiting downside risk to the extent possible. We begin by generally selecting high quality, cash flow producing properties that should be positioned for sale to the institutional market once we have completed the objectives of our business plan. The Portfolio Management team focuses on adding value through NOI growth, focusing both on revenue growing and cost reducing strategies. Niam carefully evaluates tenant composition and lease structures and has proven success in driving change through tenant improvements, technical upgrades, redevelopments and developments in order to add value to each investment.

Case studies

Sweden Vasa Office Portfolio

latest_news_slideIn early 2008, the largest state-owned property company in Sweden, Vasakronan, was put on the market as part of a privatization initiative. The company was purchased by AP Fastigheter, the real estate group of Sweden’s largest public pension fund, in July 2008. Shortly there after in October 2008, Niam carved out 40 office properties totaling 455,000 sqm from AP Fastigheter.

Managing the lease stock - The Sweden Vasa Office Portfolio comprises 455,000 sqm of leasable area and over 900 leases. Sizeable portfolios create both administrative challenges and opportunities to drive value. Niam uses its highly experienced portfolio management team to renegotiate key leases, reduce vacancy and manage the needs of tenants. Niam extended or renegotiated ~60% of total lease stock during its holding period. For the top 10 lease renewals (which include 2 new leases) comprising approximately 100,000 sqm of leasable area, Niam managed to successfully increase rents and extend the lease duration to an average of 8 years.

Creating residential building rights - Niam uses its project development capabilities and relationships with local municipalities and developers to create value through the creation of building rights. Greater Stockholm has a significant undersupply of residential assets primarily due to rent regulations reducing the attractiveness of new construction and the steady increase of people to the area. Niam managed the planning and zoning process which involved working closely with local municipalities to develop and approve new residential concepts. Niam created 50,000 sqm of residential building rights associated with four properties valued at €45 million.

Finding the right buyer - Niam uses its local knowledge and network to identify the “right” buyer. We believed that the Sweden Vasa Office Portfolio would be more valuable by breaking the portfolio into sub-portfolios and individual assets and selling to the optimal buyer – to date Niam has sold 23 of 40 assets via 13 deals to 13 distinct buyers.

Norway Retail Portfolio

HerkulesNiam purchased Sektor Eiendomsutvikling, one of the largest shopping center companies in Norway, in April 2010 and purchased the Linderud Center as an add-on acquisition in February 2011. Sektor is the second largest shopping center company with three main areas of business: (i) retail center ownership; (ii) asset management for non-owned centers; and (iii) retail project development.

Completing development projects - Niam completed three development projects adding over 15,000 sqm of retail area and received approval for a 6,000 sqm retail area extension.

Growing net operating income (NOI) - Niam increased annualized NOI by 7.1% per year, driven by steady organic growth and project developments at existing shopping centers. In February 2011, Niam also grew the organization through the acquisition of the Linderud Senter, a 30,300 sqm shopping center located in the Oslo area. Including the Linderud Senter acquisition, annualized NOI grew 13.5% per year.

Management

Management team from the left:
Johan Bergman, Chief Executive Officer
Rikard Henriksson, Senior Director (Head of Portfolio Management)
Anders Lundquist, Chief Financial Officer
Jennifer Andersson, Senior Director (Head of IR & Business Development)
Fredrik Jonsson, Chief Investment Officer

Niam’s Management Team and senior real estate team are comprised of professionals with extensive experience in originating, acquiring, financing, managing, reporting and disposing of complex and management intensive real estate transactions.

berfKjell Sagstadkristpekk

Senior real estate team from left:
Johan Berfenstam, Senior Director (Head of Acquisitions, Sweden)
Kjell Sagstad, Senior Director (Head of Norway)
Kristian Krogh, Senior Director (Head of Denmark)
Pekka Salakka, Senior Director (Head of Finland)

Each of Niam’s active funds also has a transaction committee that must approve deals prior to an acquisition or disposition.  This committee is constituted of members with deep experience from a broad field of industries including real estate, development, finance and capital markets. Members include Urban Edenström (Niam Chairman), Johan Bergman (CEO), the Fund manager and external professionals not affiliated with Niam or Stronghold who are highly regarded in their respective fields of business.  The following individuals are active members of one or more transaction committees.

Urban Edenström
Mr. Edenström is the founder, CEO and largest shareholder of the Stronghold Group.  Mr. Edenström also founded Datscha in 1997 and Niam in 1998.  He serves as Chairman of Niam, the Fund Transaction Committee, Newsec and Datscha.  Prior to founding Stronghold, Mr. Edenström was the CEO of FastighetsRenting AB, a €2.0 billion market capitalisation real estate company based in Sweden with property investments in Sweden, Norway, Finland and the UK.  Mr. Edenström holds a Master of Science in Real Estate Economics from the Royal Institute of Technology in Stockholm, Sweden, where he also took courses in Real Estate Law, Construction and Property Management.  He also studied business economics at The University of Stockholm and has taken various courses in business leadership, including courses at IMD in Switzerland.

Johan Bergman
Mr. Bergman is the CEO of Niam AB.  Prior to joining Niam in 2006, Mr. Bergman spent 16 years with the Skanska Corporation, most recently as one of four Executive Vice Presidents directly responsible for five of the Group’s 15 business units, including commercial property development in the Nordic Countries and other European countries, residential project development in the Nordic Countries and construction units in Poland and Russia.  Previously, Mr. Bergman was in charge of business development for Skanska Fastigheter where he reported directly to Claes Björck, CEO of Skanska, and he has also been responsible for Skanska's project and real estate business outside of Sweden, specifically in Moscow, Warsaw, Prague, Budapest and Munich.  Mr. Bergman holds a Master of Science in Real Estate Economics from the Royal Institute of Technology in Stockholm, Sweden.  He also attended Harvard Business School's Program for Global Leadership in 2001.

Göte Dahlin
Mr. Dahlin is Chairman of the Board of Hesselby Slott AB, Deputy Chairman of the Board of RBS Nordisk Renting AB, since 2003 a subsidiary of The Royal Bank of Scotland.  He is also a member of the Board in Rezidor Hotel Group AB and Stockholm Meeting Selection AB.  Mr. Dahlin retired from the real estate company Nordisk Renting AB in Stockholm in 2001, where he had held the position of CEO since the company’s inception in 1986. During that time, Nordisk Renting grew to a market capitalisation of €1.8 billion, with properties mainly in Scandinavia and Finland. Mr. Dahlin holds a Bachelor of Science from The University of Stockholm in Sweden.

Claes Kjellander
Mr. Kjellander is a former Chairman of SBAB (Swedish National Housing Finance Corporation).  From 2001 to 2005 Mr. Kjellander was the Managing Director of Jones Lang LaSalle in the Nordic Region.  From 1998 to 2001, Mr. Kjellander was Managing Director of Stenvalvet AB, which was 90% owned by Credit Suisse First Boston.  From 1993 to 1998, he was a CFO and Executive Vice President for Vasakronan AB.  From 1987 to 1993, he worked for ABB Fläkt where he served as Executive Vice President and Group Controller.  Mr. Kjellander holds a Bachelor of Science in Mathematics, Statistics, Computer Science and Business Administration from the University of Stockholm.  He has also completed post-graduate classes in Business Administration from the University of Stockholm.

Tomas Nicolin
Mr. Nicolin is a member of the board of directors of the Nobel Foundation; SEB, one of Sweden’s four major banks; Nordstiernan, an unlisted investment company; From 2004 to 2009, Mr Nicolin was the CEO of Alecta, a pension fund for private sector salary employees and from 1998 to 2004 he was the CEO of The Third National Swedish Pension Fund. From 1994 to 1998 Mr Nicolin was the Head of Asset Management at Handelsbanken and from 1985 to 1994 he was the CEO of Öhman Fondkommission, a family owned investment bank.  Mr Nicolin holds a bachelor in business administration from the Stockholm School of Economics and Master of Science in Management from Sloan School of Management, MIT.

Latest news

Niam sells the Police Academy to Centur

2014-04-14 06:30

Niam has sold two properties located at Sörentorp in Solna and Sollentuna, just north of Stockholm. ...

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Niam sells the Police Academy to Centur

Niam has sold two properties located at Sörentorp in Solna and Sollentuna, just north of Stockholm. The properties comprise ~49,000 sqm of floor space across almost 50 buildings, and ~20,000 of commercial building rights. The area covers 87 hectares let to the National Police Board, who are running the Police Academy at the premises.

The buyer Fastighets AB Centur, equally owned by Peab Fastighetsutveckling AB and Fastighets AB Balder, will pay approximately SEK 675 million.

Stefan Albinsson, Fund Manager at Niam, says, “During the holding period Niam signed a new six-year agreement with the National Police Board at Sörentorp which resulted in a strong and stable cash flow from the properties. Solna also continues to expand and develop which will benefit the area over time.”

Christian Hahne, Chairman of the Board at Centur, says: ”Sörentorp has a strategic location between Solna and Sollentuna. The National Police Board is a stable tenant generating a safe cash flow. We see great development potential to build attractive residentials at the properties.”

For more information please contact:
Johan Bergman, CEO, Niam AB 
+ 46 8 5175 85 95, johan.bergman@niam.se

Stefan Albinsson, Fund Manager, Niam AB
+ 46 8 5175 85 15, stefan.albinsson@niam.se

Christian Hahne, Chairman of the Board, Fastighets AB Centur
+ 46 8 406 70 73, christian.hahne@balder.se

Erik Selin, CEO, Fastighets AB Balder
+ 46 31 10 95 92, erik.selin@balder.se

Tomas Anderson, CEO, Peab Projektutveckling AB
+ 46 8 623 20 81, tomas.anderson@peab.se

For further information about Niam, please contact:
Jennifer Andersson, Head of Investor Relations & Business Development, Niam AB
+ 46 8 5175 85 59, jennifer.andersson@niam.se

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Niam sells office property in Central Stockholm

2014-03-25 17:50

Niam has sold the office property Vega 4 located in central Stockholm, Sweden to the fund DEREIF SICAV-FI ...

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Niam sells office property in Central Stockholm

Niam has sold the office property Vega 4 located in central Stockholm, Sweden to the fund DEREIF SICAV-FIS managed by Corpus Sireo Investment Management S. à r.l, Luxembourg. The deal closed on March 10, 2014.

Stefan Albinsson, Fund Manager at Niam, says, “Vega 4 is an attractive fully let office property with stable cash flows. By splitting Vega into two properties, Vega 4 and 5, Niam also created an opportunity to supply Stockholm city center with approximately 60 new apartments. Niam sold Vega 5 to Oscar Properties in November.”

For more information please contact:
Johan Bergman, CEO, Niam AB 
+46 8 5175 85 95, johan.bergman@niam.se

Stefan Albinsson, Fund Manager, Niam AB
+ 46 8 5175 85 15, stefan.albinsson@niam.se

For further information about Niam, please contact:
Jennifer Andersson, Head of Investor Relations & Business Development, Niam AB
+ 46 8 5175 85 59, jennifer.andersson@niam.se


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Niam acquires two office properties in Denmark

2014-03-19 15:00

Niam acquired two office properties in separate transactions comprising ~23,400 sqm in thegreater Copenha ...

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Niam acquires two office properties in Denmark

Niam acquired two office properties in separate transactions comprising ~23,400 sqm in the
greater Copenhagen area for approximately €51 million.

Niam acquired an office property from a private investor located at Indertoften 10 in Vanløse, Copenhagen. The property comprises 6,700 sqm and is fully let to the municipality of Copenhagen. Niam has taken ownership effective as of March 1, 2014.

Niam also signed an agreement to acquire a modern, multi-tenant, office property called Fairway House which is located in Ørestad Business District, Copenhagen. The property comprises ~16,700 sqm and will be acquired from an international property fund. Niam will take ownership effective as of April 1, 2014.

Johan Bergman, CEO at Niam, says; “We are very satisfied to acquire two high quality properties with strong tenants at excellent locations in terms of infrastructure. These investments fit well into the existing portfolio that is well positioned to benefit from an improved economic outlook and development in Denmark and Copenhagen in the years ahead.”

For more information please contact:
Johan Bergman, CEO, Niam AB 
+46 8 5175 85 95, johan.bergman@niam.se

Kristian Krogh, Head of Denmark, Niam A/S
+45 21 31 00 55, kristian.krogh@niam.dk

For further information about Niam:
Jennifer Andersson, Head of Investor Relations & Business Development, Niam AB
+ 46 8 5175 85 59, jennifer.andersson@niam.se


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Niam acquires a combined industrial and office property in Stockholm

2014-02-13 19:00

Niam acquired a combined industrial and office property in Stockholm from NAPF Sweden AB, managed by Vala ...

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Niam acquires a combined industrial and office property in Stockholm

Niam acquired a combined industrial and office property in Stockholm from NAPF Sweden AB, managed by Valad. The property comprises ~33,500 sqm and is located next to Bällstaån, the waterway that separates the city of Sundbyberg from the city of Stockholm.

Johan Bergman, CEO at Niam says; “Niam is very satisfied to acquire a large property located in an area with increasing attractiveness and great infrastructure that will be further developed.”

For more information please contact:
Johan Bergman, CEO, Niam AB 
+46 8 5175 85 95, johan.bergman@niam.se

For further information about Niam:
Jennifer Andersson, Head of Investor Relations & Business Development
+ 46 8 5175 85 59, jennifer.andersson@niam.se


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Niam sells distribution center in Riga

2014-02-03 17:00

Today Niam has sold the Rimi Distribution Center in Riga, Latvia, to the current tenant Rimi Latvia owned ...

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Niam sells distribution center in Riga

Today Niam has sold the Rimi Distribution Center in Riga, Latvia, to the current tenant Rimi Latvia owned by Rimi Baltic. The property, which was bought in 2005, has a total lettable area of ~36,000
sqm and was currently Niam’s only property in the Baltic market.

Pekka Salakka, Head of Finland at Niam says, “We are very pleased with this sale and are happy to sell the property to the current tenant whom we have a close relationship with.”

For more information please contact: 
Johan Bergman, CEO, Niam AB  
+46 8 5175 85 95, johan.bergman@niam.se

Pekka Salakka, Head of Finland, Niam OY
+35 8 5005 008 02, pekka.salakka@niam.fi

For further information about Niam:
Jennifer Andersson, Head of Investor Relations & Business Development, Niam AB
+ 46 8 5175 85 59, jennifer.andersson@niam.se

 

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