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 €2.9 billion as of December 31, 2015. 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 49 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 managers average over 27 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 18% -20% gross returns (approximately 15% net returns) and our core plus fund targets approximately 10% net return.  Niam III and IV are strong top quartile performing funds as shown below.

benchmark Q4_2
Note: Benchmarking data provided by Cambridge Associates, Q4 2015. The index is an end-to-end calculation based on data compiled from 480 opportunistic real estate funds, including fully liquidated partnerships, formed between 1988 and 2014. For vintage year 2004, the number of funds was 33 and for vintage year 2007 the number of funds was 64.

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

Pursuant to the law on alternative investment fund managers (AIFMD), Niam AB is authorized and regulated by the Swedish Financial Supervisory Authority to conduct alternative investment fund operations. Niam is also registered as an Investment Adviser with the SEC in accordance to the Dodd-Frank Act.

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 asset 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

Management team:
Johan Bergman, Chief Executive Officer
Rikard Henriksson, Senior Director (Head of Asset Management)
Anders Lundquist, Chief Financial Officer
Jennifer Andersson, Chief Operating Officer
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.

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 closes out fourth fund – delivers market-leading returns

2016-09-01 08:35

All properties in Niam Nordic Fund IV have been fully developed and divested. Thereby, Niam closes out it ...

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Niam closes out fourth fund – delivers market-leading returns

All properties in Niam Nordic Fund IV have been fully developed and divested. Thereby, Niam closes out its fourth fund with strong results. Nam IV has delivered returns that place the fund among the top 5% of the highest ranked funds in the world according to Cambridge Associates benchmark.

Niam Nordic IV closed in 2008 with total commitments of €670 million. During the course of the acquisition period until 2011, Niam acquired nearly 80 office and retail properties, mainly in Sweden and Norway for ~€2 billion. Niam completed some of the largest transactions in the Nordic market for the fund through the acquisition of 40 office properties in Sweden from AP Fastigheter in 2008 and the acquisition of Sektor Eiendomsutvikling in 2010 in Norway.

Johan Bergman, CEO at Niam says: “Fund IV’s market leading returns have reinforced Niam’s positon as the undisputed leading real estate private equity firm in Northern Europe. Niam’s disciplined investment approach at acquisition and active asset management during the holding period create added value in every investment and attractive risk-adjusted returns to our investors. I feel confident that the Niam organization will continue to deliver to the highest standards in our current funds under management with €4 billion in combined property value and investment capacity.”

Niam renegotiated and extended approximately 60% of the total rental value in the office portfolio acquired from AP Fastigheter. The largest 10 renewed leases covered ~100,000 sqm of lettable area, and Niam successfully raised rents and extended the term to an average of 8 years. Niam also created 50,000 sqm building rights for residential units. The 40 properties in the portfolio were sold through 28 transactions to 22 different buyers.

Sector Eiendomsutvikling, acquired by Niam IV, is one of the largest owners of shopping centers in Norway. Niam also acquired Linderud Center as a strategic add on to the company. Project development projects added 15,000 sqm of lettable area to the portfolio and the fund was granted planning permission to develop an additional 6,000 sqm. Net operating income increased by 7% per year, driven by steady organic growth and project development.

In 2011, the fund acquired Heron City. During Niam’s holding period, Heron City was developed into a strong destination for shopping, food and entertainment in Stockholm. The number of visitors at exit was over 7 million per year, an increase by over 30% since acquisition, and retail sales exceeded SEK 1.2 million per year. Niam also introduced new brands among Heron City's tenants and renegotiated and extended several strategically important leases. Niam has now sold Heron City to a company jointly owned by Varma, CapMan Nordic Real Estate Fund and Cavendo. As Heron City was the final asset in the fund, Niam IV is thereby fully divested.

Facts Niam Nordic Fund IV

Vintage: 2007
Strategy: Opportunistic
Type: Closed-ended
Size: €670 million
Sector and geography: Commercial properties in the Nordic countries
Completed acquisitions: ~2 billion / ~1.2 million sqm
Property value at disposition: ~2.7 billion
Net returns: IRR 15% / Multiple 1.7x

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

For further information or questions, please contact:
Jennifer Andersson, COO, Head of Investor Relations & Business Development
+46 8 5175 8559, jennifer.andersson@niam.se

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Niam sells residential portfolio in Copenhagen

2016-08-23 14:10

Niam has entered into an agreement to sell a residential portfolio of approximately 13,800 sqm to Heimsta ...

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Niam sells residential portfolio in Copenhagen

Niam has entered into an agreement to sell a residential portfolio of approximately 13,800 sqm to Heimstaden, a Swedish property company for a price of approximately DKK 422 million (€56.6 million).

The portfolio was acquired by Niam in 2013 and comprises 114 residential units located in four different locations in the greater Copenhagen area.

The sale follows a successful transaction of a residential portfolio of 436 units in Copenhagen between the parties earlier this year.

Johan Bergman, Niam CEO, says; “We are happy to once again do business with Heimstaden. We entered the Copenhagen residential market with good timing and the divestments that we have executed generate attractive returns for our investors” and he continues: “We have an unchanged positive view on the Danish property market and we expect to continue to be a significant and active investor going forward.”

The transaction will take place with effect as of October 1, 2016.

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

Kristian Krogh, Senior Director / Head of Denmark
+45 21 31 00 55, kristian.krogh@niam.dk

For further information or questions, please contact:
Jennifer Andersson, COO, Head of Investor Relations & Business Development
+46 8 5175 8559, jennifer.andersson@niam.se

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Niam strengthens its organization with new recruitments

2016-08-23 13:00

Niam has made four hires to strengthen the team. The new employees will be Marcus Kruus who has been hire ...

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Niam strengthens its organization with new recruitments

Niam has made four hires to strengthen the team. The new employees will be Marcus Kruus who has been hired as a Director on the Acquisitions team, Christian Holmberg who has been hired as a Director on the Finance team and will be Head of Financing, Christian Alvarez who will be the Chief Accountant and Henrik Wagtberg who will be Associate Director on the Asset Management team in Denmark.

Mr. Marcus Kruus was previously director and fund manager at Obligo, and was responsible for the company's operations in Luxembourg and management of its two European property funds. Mr. Kruus is a graduate engineer from Chalmers University of Technology and holds an MBA degree from the University of Gothenburg.

Prior to Niam, Mr. Christian Holmberg was the Director and Client Executive at Aareal Bank Sverige, with responsibilities for property financing in Sweden, Finland, Norway, Denmark and Estonia and has previously worked as management consultant and financial analyst. Mr. Holmberg has a Master of Science degree in Industrial Engineering with specialization in finance and IT, from Kungliga Tekniska Högskolan (The Royal Institute of Technology), Stockholm.

Niam Fund Accounting AB has hired Mr. Christian Alvarez as Chief Accountant. Mr. Alvarez was previously a controller and accountant at the Svenska Kommunalarbetarförbundet. Prior to that, he worked in accounting for Evry Shared Services AB.

Niam A/S Denmark has hired Mr. Henrik Wagtberg as Associated Director, Asset Management, with primary responsibility for strengthening Niam’s leasing efforts. Mr. Wagtberg previously worked at Castellum and Aberdeen as Asset Manager.

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 holds first close of €134 million for Niam Nordic Core-Plus II

2016-06-27 10:00

The Nordic real estate private equity firm completed the first close for the Core Plus fund, a SCS-SIF li ...

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Niam holds first close of €134 million for Niam Nordic Core-Plus II

The Nordic real estate private equity firm completed the first close for the Core Plus fund, a SCS-SIF limited partnership established in Luxembourg and targeting real estate investments in the Nordic region

Niam commenced marketing in February 2016, and the first close represents 45% of the targeted fund size. Most of the capital comes from German, Dutch and Swedish pension funds and financial institutions who are existing investors. Niam Nordic Core Plus II will be an income producing fund with a net IRR target of 8% and an annual income yield of 5%. The fund will specifically target office, retail and residential property investments in the four Nordic countries. The fund will invest through Niam’s organization locally located in Stockholm, Oslo, Helsinki and Copenhagen and is a continuation of the successful investment platform established with Niam Nordic Core-Plus I.

Johan Bergman, Niam CEO, comments, “we are very happy with the successful first close in our new core-plus fund and appreciate all the support from our exiting investors. We continue to see great income producing opportunities in real estate in our markets.”

Niam is currently actively managing a real estate portfolio of €2.9 billion through its four funds Niam IV, Niam V, Niam VI and Niam Core-Plus I.

For more information, contact:
Johan Bergman, CEO +46 8 5175 8500
Jennifer Andersson, COO, Head of IR & Business Development +46 8 5175 8559 

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Niam acquires an office and hotel property in Stockholm

2016-02-29 08:00

Niam has acquired the leasehold for Neapel 3 in Stockholm from Vasakronan. The property has a total letta ...

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Niam acquires an office and hotel property in Stockholm

Niam has acquired the leasehold for Neapel 3 in Stockholm from Vasakronan. The property has a total lettable area of approximately 47,000 sqm, where the largest tenant is the Scandic Hotel.

Johan Bergman, CEO, says; "We are pleased to acquire a property with great potential in one of Stockholm's most important development areas. The plans that the City of Stockholm has for the area are exciting, and we look forward to being a part of the future development of such a central part of Stockholm. We are planning to construct 250 environmentally friendly homes close to the lake.”


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

For further information or questions, please contact:
Jennifer Andersson, COO, Head of Investor Relations & Business Development
+46 8 5175 8559, jennifer.andersson@niam.se

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