A Jersey-based investment company is to expand its portfolio of retail property assets in the Nordic region after it joined AIM.

A Jersey-based investment company is to expand its portfolio of retail property assets in the Nordic region after it joined AIM.

Nordic Land raised some £4.9 million through the IPO after its shares were valued at £1 each. The flotation has valued the company at £19.2 million.

The company was formed to make investments in the retail property sector in the Nordic region and will use the proceeds of this placing to expand its portfolio. All the company’s investments will be managed by Lathe Investments (Nordic) LLP.

The placing was managed by S.P Angel Corporate Finance, which acted as financial adviser and broker. Matrix Corporate Capital was nomad, Norton Rose acted as the main legal adviser to the company while Pritchard Englefield provided legal services to the nomad and broker.

Pritchard Englefield’s team was led by partner Nick Roche, who was supported by Thilo Schneider.

Following the completion of the IPO, the company made an acquisition in Greater Stockholm, Sweden.

It has bought a retail block in the city for SEK60.8 million (£4.4 million), reflecting an initial gross yield of 6%.

The property comprises more than 3,500 sq m of retail, storage and office accommodation and is let predominately to national, multiple retailers.

The property is located in the Sickla shopping quarter of the Nacka area of Stockholm, which is one of the most affluent regions in Sweden. The location is experiencing improvements to the local infrastructure, with a new road connection planned and new retail developments and car parking facilities having recently been built.

In April 2007, the company raised £13.4 million of initial capital through a private placing, following which it bought two properties in Sweden for a combined £50 million.

Nordic Land’s property portfolio now stands at some £55 million, which includes its major Terminalen scheme in Helsingborg.