DNB Scandinavian Property Fund

Overview

DNB Scandinavian Property Fund is a Norwegian mutual fund established to provide investors with the opportunity to invest in a diversified and unleveraged commercial property portfolio in the largest cities of Norway and Sweden. The fund offers direct exposure to fully developed commercial properties in these countries, with a high proportion of BREEAM-certified buildings and inflation protection through the adjustment of rental income based on the Consumer Price Index (KPI). The fund is actively managed and invests in segments such as office spaces, retail, hotels, and community buildings. It targets a long-term return of 5-7% and aims for a direct return of 3-5%. Sustainability is integrated into the management, with the fund classified as an SFDR Article 8 fund and holding a 5-star rating in the Global Real Estate Sustainability Benchmark (GRESB). DNB Livsforsikring co-invests in the fund and owns a minimum of 10% in the fund company. The minimum subscription for Norwegian feeders is NOK 5 million, and for international investors, investment is offered with moderate leverage. As of the fourth quarter of 2025, the fund's value-adjusted equity (VEK) was NOK 10,320 million, with annual rental income of NOK 566 million and an economic vacancy rate of 4.8%. The return for the year was 6.8%, with an annual return of 2.4% over the last five years and 4.3% over the last ten years. The fund maintains a moderate risk profile (CORE) with a focus on cash flow properties, and its development can amount to a maximum of 5%.

Investment Focus

• Minimum subscription of NOK 5 million for Norwegian feeders
• Investment offered with moderate leverage for international investors