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.