Nordic Investment & Capital Partners
Welcome
NCAP is a Nordic real estate investment and asset management company with offices in Copenhagen, Stockholm, Malmö, Frankfurt and London. We are a highly experienced and motivated team whose aim is to help investors navigate the Nordic real estate markets, provide outstanding strategies and opportunities together with clear advice and recommendations and expert asset management. We act as a Local Operating Partner for International Investors investing into Nordic Real Estate.
Together with our Investor Partners, NCAP have completed more than €1,880,000,000 of transactions across the Nordics in recent years. In total NCAP have in excess of 480,000 m2 of active projects under management in the logistics/industrial, residential, office and retail sectors. We undertake complex assignments which include new development, refurbishment, asset repositioning, cost optimisation, leasing and changes of use.
NCAP works with Institutional, Family Office and Private Investors.
Prior to setting up NCAP, The Team have all held senior positions with Corporate Financiers, Real Estate Companies, Development Companies and Real Estate Advisors.
The Team
A short description and introduction to the partners and the team
that gives you an overview of the company NCAP.
Niels Keergaard Christiansen
Managing Director & Managing Partner Denmark
Niels has worked in the Danish real estate industry since 1994 and has held senior positions covering advisory, development and asset management. He is also a Board Member of the Danish Property Association.
Before joining NCAP in 2014, Niels was CEO of NC Development, and formerly sales director in Keops Development. He was previously holding various positions at Colliers.
Key competences are within investment- & transaction management, property development and asset management.
John Routledge
Partner & Head of Transactions Sweden
John has extensive transactional experience across Sweden and the wider Nordic Region.
John moved from London with Cushman & Wakefield in 2008, where he was head of Capital Markets for the Nordic Region.
John joined NCAP in August 2016 from CBRE in Sweden.
John started his real estate career in 1992 and has been a qualified Chartered Surveyor since 1995.
Lars Røgeberg
Lars real estate career began in 2007, since when he has had extensive experience within asset management, advisory and debt financing across the Nordics and the UK.
Prior to joining NCAP Lars was a Director at Barings Real Estate based in London where he was responsible for asset management of the European debt portfolio. Prior to joining Barings Real Estate Lars was at Deutsche Pfandbriefbank for two years as an Associate Director. Before that he spent eight years at Situs and HSH Nordbank based in Copenhagen.
Björn Hallin
Managing Partner Sweden
+46 703 19 11 19
hallin(at)ncap.se
Björn has been working with real estate since 1998 and has a broad knowledge of the business both from an investor’s point of view but also as an asset manager and occupier.
Before co-founding NCAP, Björn held the position as Director Corporate Finance at PwC and before that he was responsible for the Nordic real estate portfolio at the Dutch retail real estate specialist Redevco.
Björn is a member of the Royal Institution of Chartered Surveyors and he is The Honorary Consul of Estonia.
Douglas Petheram
Partner & Head of Investor Relations
+44 77 13 32 83 08
douglas(at)ncap.se
Douglas began his career in real estate in 1988 and has extensive pan European commercial real estate experience working as both an advisor and a principal.
Prior to joining NCAP, Douglas has held a number of roles. On the Advisory side he was a Partner at pan-European real estate advisory business, de Morgan & Co and a Senior Director within CBRE's London Investment Team. As a Principal, Douglas worked at Investment Manager Avignon Capital.
Douglas is a Chartered Surveyor and a Director of Oslo based Orla Real Estate.
Alda Ægisdóttir
+45 30 36 63 93
alda(at)ncap.dk
Alda joined the Danish Real Estate Business in 2012 and has experience of both Financial Reporting as well as Property Management.
Before joining NCAP Alda held a position as Property Manager, first with Cobblestone and later on with CBRE, mainly managing shopping centers and logistics facilities for both pan - European and local investors. Prior to that Alda was a finance accountant with NREP.
Alda holds a Master of Science in Economics and Marketing from Copenhagen Business School.
Julius Schulstad
+45 30 36 87 96
julius.schulstad(at)ncap.dk
Julius joined NCAP in December 2022 and assists the Danish Asset Management Team. He has a Bachelor of Business Administration from Copenhagen Business School and is currently studying for an MSc in Finance and Investment also at Copenhagen Business School.
Tim Gutteridge
+46 704 24 93 47
tg(at)ncap.se
Tim has been involved in the construction industry since 2009. He has extensive experience in project and contract management, architecture, design and cost management across all phases of the building process.
Before joining NCAP, Tim worked for The Walt Disney Company in Hong Kong, managing contracts for several themed land expansion projects valued at over US$650M. Prior to this he worked in several roles with COWI Denmark and Icon Construction Australia.
Tim holds a Master of Construction Management and a Bachelor of Planning & Design from the University of Melbourne.
Christoffer Retz
+45 30 36 18 12
christoffer.retz(at)ncap.dk
Christoffer joined NCAP Copenhagen in April 2021 as an Analyst, focusing on transactions whilst also assisting with Danish asset management.
Christoffer worked at CBRE Global Workplace Solutions in Denmark before joining NCAP, where he had responsibility for the financial reporting and analysis of several of CBRE’s Facility Management contracts.
In 2019 Christoffer graduated with a master’s degree in Finance & Accounting from Copenhagen Business School.
Jan Dahl
+45 3123 5821
jan.dahl[at]ncap.dk
Jan began his Real Estate Career in 2004 as a Property Manager and has held a wide variety of positions in the Real Estate Industry within Property & Asset Management, Project Development and Commercial Letting. Before joining NCAP, Jan held Senior Positions at Sadolin & Albæk and Savills where he was head of the Letting agency and completed several significant commercial lettings. Prior to this, Jan worked in different real estate companies in Denmark and abroad.
Jan has a bachelor in finance from Copenhagen Business School and is a member of the Royal Institution of Chartered Surveyors.
Stephan Obermayer
+49 1514 00 63 114
so[at]ncap.se
Stephan has worked in the European real estate industry since 2014 and has a strong transaction record in central and northern European markets with a particular focus on Core+ and Value add assets.
Before joining and founding NCAP Germany, Stephan was head of the German acquisitions and sales team at Credit Suisse, with responsibility for its German and Polish portfolios. He has also held positions at KanAm Grund and Quadoro.
Stephan is responsible for building NCAPs German Real Estate Platform and for promoting the Nordics to German real estate investors.
Philip Wallgren
Director & Co-head Sweden Residential.
+46 70 549 6192
pw[at]ncap.se
Before joining NCAP in 2024, Philip was and remains co-CEO of Thulehus, a Swedish residential investment and asset management company founded in 2021. Prior to this, Philip spent 8 years as the Stockholm Regional Manager at Svenska Hus, responsible for the property portfolio, projects, transactions and property development. During his tenure, the rental income increased by 80% and the value of the company by SEK 4.5 billion.
Philip has also worked at Thule Fastighetsutveckling, CBRE and Navet AB.
He has +18 years' experience within the real estate sector.
Haukur Örn Valtysson
+46 733 19 22 96
hv[at]ncap.se
Haukur joined NCAP in December 2025 as an Analyst on the Swedish Investment Team.
Prior to that, he worked as an Alternative Investment Analyst at Icelandic Securities, a brokerage and asset management firm in Iceland, where he focused on financial analysis and business development for portfolio companies.
He holds an M.Sc. in Real Estate and Construction Management from KTH Royal Institute of Technology and a B.Sc. in Financial Engineering from Reykjavik University.
Manon Gabs Nielsen
+45 21 96 67 34
manon.gabs.nielsen(at)
ncap.dk
Manon joined NCAP in July 2023 working as an Investment Analyst in the Danish Investment Team. Before joining NCAP, Manon held a position at Cushman & Wakefield / RED in the Capital Markets Team, where she worked in property transactions, including valuations and due diligence. In 2022, Manon graduated with a master's degree in Finance & Accounting from Copenhagen Business School.
Florian Bujupai
+45 2360 6079
fb[at]ncap.dk
Florian began his career in the real estate industry in 2018 and has experience both in Denmark and Germany working in investment and asset management. Before joining NCAP, Florian held a position as Investment Associate at NAS Real Nordics, where he specialised in sourcing and underwriting real estate investments across the Nordic region. His role encompassed financial modelling, deal structuring, and portfolio management.
Florian holds a Master’s degree in Finance from Aarhus BSS.
William Hardyment
+46 79 35 82 230
wh[at]ncap.se
Will began his real estate career in 2006 and has principally worked in Fund and Investment Management. Prior to joining NCAP he worked for a pan-European real estate fund, focused on value-add investments. Before that Will worked at LaSalle, based in their London office, as a deputy fund manager for two UK pensions with funds totalling over £1.3bn and later in LaSalle's International Accounts team. Will has transacted over £1bn of commercial real estate, across all sectors.
Will holds a Masters Degree in Engineering Science from the University of Oxford and is a Chartered Surveyor.
Christel Österlind
Communication & Press Manager
+46 735 20 66 70
co[at]ncap.se
Christel joined NCAP in September 2025 as Communication & Press Manager.
Before joining NCAP, she held roles at SOUTH Communication, Hallvarsson & Halvarsson, and ID Kommunikation, working with strategic communication, branding, and project management.
Søren Heron
+45 20 10 25 49
soh(at)ncap.dk
Søren began his career as a consultant in the construction business in 2008. Since then, he has worked for several developers as a project manager, representing both occupiers and owners and being involved in the construction process from building permit application through to project delivery.
Prior to joining NCAP, Søren worked for Danish real estate developer, I Copenhagen, managing the construction of supermarkets, shopping centres and residential apartments. He has also had his own company providing private real estate owners with construction/ project advice and project management services.
Søren has a bachelor in constructional engineering from the Danish Technical University (DTU).
Fredrik Årman
Director & Co-head Sweden Residential.
+46 70 590 0477
fa[at]ncap.se
Prior to joining NCAP in 2024, Fredrik was and remains co-CEO of Thulehus, a Swedish residential investment and asset management company founded in 2021.
Prior to this, he worked at Heimstaden for more than 15 years where he was head of Swedish transactions. During his tenure the company grew from c.SEK 2 billion to over SEK 55 billion.
Fredrik has been involved with c. SEK 50 bn of Swedish residential transactions. Previous to this he has experience working with tenant rental associations, working with the utility value system since 2003.
Fredrik has + 20 years´ experience within the property sector.
Anna Öhman
+46 768 20 30 68
ao[at]ncap.se
Before joining NCAP, Anna worked with transactions at Vectura Fastigheter.
Prior to that, she was part of the Capital Markets team at JLL, specializing in residential transactions.
She holds a Master of Science (2018) in Real Estate Economics, Surveying and Land Management from LTH.
Investing in our sustainable future
Recognizing that real estate impacts all of our lives and has a profound effect on the environment & society, we take Environmental, Social and Governance matters seriously. At NCAP part of our challenge is to create a sustainable built environment that delivers for our investors, society and the environment. NCAP prioritise compliance with the EU Taxonomy.
Services
At NCAP we can provide the following services.
Deal Origination - direct real estate and corporate transactions
A Core activity for NCAP is the origination of opportunities together with the development of business plans, the provision of market intelligence & due diligence underwriting. We have considerable experience of handling all aspects of property investment including single assets and portfolios whether structured as real estate or corporate acquisitions. Over the years the team has been involved in excess of €4bn of real estate and corporate transactions.
Development & Project Management
From inception to completion, NCAP have the in-house capability to manage professional teams to ensure the successful implementation of project plans, including full scale development and refurbishment.
Development Funding
Working with Developers and Capital Partners we have expertise in finding and structuring funding solutions for development projects, whether forward commitments, full funding packages or other more complex JV arrangements.
Asset & Property Management Services
We are able to assist in devising and implementing business plan strategies at both property and portfolio level. Typical work includes lease restructuring, lease and head lease re-gears, letting and pre-letting, refinancings, refurbishments, property repositionings, change of use through to rent and service charge administration and collection.
Third Party Funding & Joint Ventures
Our long experience and proven contacts give us exceptional access to reliable equity and capital partners. We know many of the local senior lenders, understand their lending criteria and are able to identify the opportunities and risks for our partners at an early stage and advise on the best funding strategy. We also have access to various alternative sources of funding capital (eg equity, mezzanine, stretch senior) and joint venture partners, which may provide alternative solutions.
”As a Nordic Investment Adviser and Operating Partner we offer our Investor Partners a full service solution in the Nordics. Our aim is to build long term Partner relationships built on trust, results and aligned interests"
– Douglas Petheram
News
2026-02-25 Meet NCAP in Cannes during MIPIM week, 9–13 March
During MIPIM week, members of the NCAP team will be on site to meet with you, our clients, investors, and partners. We look forward to sharing insights and discussing opportunities that could create real value for your projects.
You can get in touch with the team by visiting our Team page for contact details.
2026-02-23 Manon Gabs Nielsen Promoted to Investment Manager
We are pleased to announce that Manon Gabs Nielsen has been promoted to Investment Manager, effective January 1, 2026.
Manon has been a key contributor to NCAP’s investment team, and this promotion recognizes her dedication, expertise, and collaborative spirit. In her new role, she will continue to play a central part in our investment activities and team collaboration.
Congratulations to Manon on this well-deserved achievement.
2026-02-10 NCAP Welcomes Haukur Örn Valtysson
Haukur joined us in December 2025 as an Analyst on the Swedish investment team. He comes from Icelandic Securities, where he worked as an Alternative Investment Analyst focusing on financial analysis and business development for portfolio companies. Haukur holds an M.Sc. in Real Estate and Construction Management from KTH and a B.Sc. in Financial Engineering from Reykjavik University.
We are pleased to have Haukur join our team.
2026-02-10 NCAP Welcomes Anna Öhman
Anna Öhman joined us in January 2026 as a Transaction Analyst on our investment team in Malmö. She comes from Vectura Fastigheter, a Swedish real estate company, where she worked with transactions, and previously was part of JLL’s Capital Markets team specializing in residential transactions. Anna holds a Master of Science in Real Estate Economics, Surveying and Land Management from LTH (2018).
We are excited to welcome Anna to NCAP.
2025-12-17 Søren Heron Achieves DGNB Consultant Buildings in Use Certification
We are pleased to announce that Søren Heron has achieved the DGNB Consultant Buildings in Use certification. This qualification gives NCAP enhanced insight into the sustainability and operational performance of existing buildings.
With this expertise, we can help clients improve building performance, increase energy efficiency, optimize operations, and make data driven decisions that deliver environmental, social, and economic value. Søren’s achievement strengthens our ability to turn sustainability knowledge into measurable results for our clients.
Learn more about DGNB: https://www.dgnb-system.de/en/
2025-12-17 - Tim Gutteridge Achieves RICS Project Management Qualification
We are delighted to share that Tim Gutteridge has achieved his RICS Project Management qualification via the APC route. This is a great achievement and a clear reflection of Tim’s dedication and professionalism. His qualification strengthens NCAP’s project management capabilities and supports our continued focus on delivering high quality, ethical and accountable services to our clients.
Learn more about RICS: https://www.rics.org
About the APC route: https://www.rics.org/uk/training-events/apc/
2025-07-20 - NCAP Sells Nørretorv District Centre, Ringsted, Denmark
In June 2024, NCAP were appointed as asset manager for a Danish 62,300 m2 multi asset portfolio on behalf of a Swiss family office. A new dynamic AM approach and strategy has been required which will include refinancings, asset repositioning, sales and lettings.
NCAP are therefore very pleased to have completed an early phase of their strategy with the sale of Nørretorv, a neighbourhood centre in Ringsted. The 12,000 m2 Centre was partially vacant when NCAP became AM.
Stage 1 of the strategy was to adopt an ambitious leasing strategy based on the creation of a local health centre to compliment the existing Office, grocery and convenience offerings.
This was successfully achieved in early 2025 when the remaining vacancy was let to the local Municipality for use as a health centre.
Having achieved 100% occupancy, NCAP’s strategy was to dispose of the property. This has now been achieved with the sale to a Danish investor at a price exceeding book value.
The sale allows NCAP to redeploy capital and resources as they continue to enhance portfolio performance’.
2025-05-20 New Letting – Metropol, Njalsgade 72A, 2300 Copenhagen
Just 6 months after taking over the project from another Asset Manager, NCAP can announce that the Metropol office building on Islandsbrygge in Copenhagen is fully let. This has been achieved with the letting of 7,156 sqm to Cheval Blanc and the University of Copenhagen.
Based on Convenience, Efficiency and Sustainability, the 10,000 sqm building has been transformed from an empty office building to a modern multi-user building which, in addition to Europe's largest moss wall, also offers new shared facilities such as a canteen, meeting centre, changing rooms and roof terraces with greenhouses which can be used as alternative meeting rooms.
All of the property's office areas have been renovated to minimize resource consumption, while a reorganization of the property's work and common areas has resulted in better space utilization and thus optimal capacity utilization.
The property is leased to Yo Studios, Zendesk, Amesto, Dermarome and now Cheval Blanc and the University of Copenhagen.
The property will be certified according to DGNB Gold standards.
2025-06-02 Energy Optimization Upgrades - Galleria Center Syd, Malmo, Sweden
The NCAP Project Management Team, in collaboration with Retta and AFRY, on behalf of our partners, Catalyst Capital can report the completion of several key energy initiatives delivered at Galleria Center Syd. Delivered on time and budget, the 30.000m2 roofing replacement, 300 KWp solar panel upgrade, replacement of 3 major ventilation units and connection to district heating serves to reduce annual energy consumption by over 40%. This will ensure that Center Syd will continue to be a focal point for tenants and customers and maintains the owners strong commitment to sustainable properties.
2025-01-15 Hjulmagervej 21-25, 7100 Vejle, Denmark
NCAP have advised ABG Project Finance and Erla on the acquisition of a modern production and warehouse facility in Vejle, in the northern part of Denmark’s Triangle Region which is among Denmark's top transport and logistics hubs. The Property has a GLA of 25,536 sq m and is located just off the E35 motorway in a well-established mixed-use logistics and industrial area. The property is fully let and serves as the regional headquarters for Ammeraal Beltech Modular, a leading global belting company.
2025-01-06 Fully Let - Nørretorv District Centre, Ringsted
NCAP reports that the Nørretorv District Centre, Ringsted is now fully let. The 12,058 sqm. district centre, which was built in the late 1980s, has at times experienced vacancy rates of over 20%. This called for a new approach to the activities that should be housed in the Centre to transform it from a high vacancy to a fully leased district centre. The result was an ambitious leasing strategy based on the creation of a local health centre combined with other service functions necessary for a city the size of Ringsted.
With its central location and easy accessibility for citizens from across the municipality, Nørretorv proved to be an obvious choice as the Municipality's Health Centre. Today the Centre houses 11 health tenants from podiatrists to dentists, together with other essential local services including grocery, restaurant, hairdresser and a Scandic Hotel. These all share a car park with Ringsted Congress Centre, providing optimal use of the parking spaces around the clock.
2024-10-15 The Biscuit House, Amager Strandvej 60 Copenhagen
The NCAP Project Management Team, in collaboration with Over Byen Architects and Klaus Nielsen Consulting Engineers, on behalf of our partners, Quadoro are pleased to have completed the façade renovation at Amager Strandvej 60. Delivered on time and budget, the new facade delivers triple glazed windows, 200mm thick façade insulation, an EPC B rating and a completely upgraded appearance. These upgrades provide a major improvement for current and future tenants.
2024-08-29 NCAP achieves BREEAM (In-Use) Very Good for Venusvej 44, Kolding, Denmark
The NCAP Project Management Team, in collaboration with Drees & Sommer, on behalf of investor partners and the tenants Tresu, have successfully completed the BREEAM (In-Use) Very Good certification for the property. This follows several months of detailed investigation, planning and execution and reinforces the landlords commitment to sustainability. The Property for which NCAP is the Asset Manager was constructed in 2021 and is the HQ Warehouse & Office for Tresu Group and comprises of 13,008 m2 GLA and 200 parking lots.
2024-07-31 NCAP advises Aviva on the acquisition of a new logistics facility in Helsingborg, Sweden
Built in 2022, the property sits in the Bjuv municipality of Helsingborg with a total lettable area of 27,500 sq m comprising warehouse and production space. The facility is let to an international distributor in the fresh food industry. The building has excellent sustainability credentials and has been awarded a Silver certification under the Miljöbyggnad scheme, a Swedish system for environmental certification of buildings developed by the Sweden Green Building Council It has also achieved an EPC-A rating.
Helsingborg is considered one of the leading logistics hubs in Sweden and the wider Nordic region.
2024-02-02, NCAP & Europa Capital exit Fleminggatan 20, Stockholm
Europa in partnership with NCAP, have sold their newly refurbished 13,316 sq m, seven storey office building in central Stockholm, Sweden, to KPA Pension, the leading pensions company for local governments in Sweden and part of the Folksam Group. This followed the signing of the most recent office letting at the building in December 2023 to Ekonomistyrningsverket (ESV), the Swedish National Financial Management Authority, taking occupancy to 95%.
The asset was acquired in July 2019, with vacant possession gained in 2020. Working as Europa’s local partner, NCAP masterminded the complete refurbishment of the building. This included the creation of an additional 1,409 sq m of lettable offices, the addition of a new reception lobby, a change of use to create a restaurant space and other structural enhancements, which improved the building’s sustainability performance to BREEAM “Very Good” certification and Fitwel Level 1 accreditation.
Other key occupiers secured include Foodora, the Swedish food delivery and Q-commerce company, and AB Svensk Exportkredit, the state-owned export credit agency.
Located on the island of Kungsholmen in central Stockholm, Fleminggatan 20 benefits from excellent connectivity and is a short walk over the canal from Stockholm City Station.
Our Offices
With local offices in Copenhagen, Stockholm, Malmö, London and Frankfurt, NCAP holds a unique position in the Nordic market.