An investment thesis built around operational value creation. Returns that do not depend on the market — they depend on what the asset becomes.
HNordic invests in commercial and industrial properties where the existing asset does not fully reflect its operational potential.
We identify assets where improvements to energy infrastructure, operating performance and cash flow can create a measurable difference in long-term value.
The investment is therefore not dependent solely on market appreciation or rental growth. Value is created through the asset itself.
Energy is becoming a primary component of commercial and industrial asset performance — not a secondary one. The change is structural, not cyclical.
Energy costs have moved from a manageable line item to a material influence on tenant decisions and asset operating economics. Grid constraints are limiting what some sites can do regardless of what the owner is willing to spend. Regulatory requirements — Commercial Energy Performance Certificate (EPC) ratings, efficiency standards, net-zero obligations — are arriving on government-mandated timelines that do not accommodate a five-year improvement programme. And tenant selection criteria are shifting: large occupiers are applying energy and sustainability requirements to lease decisions in ways that directly affect which assets attract the best tenants and at what rent.
These pressures are not evenly distributed. Assets with poor energy infrastructure, no on-site generation and no storage are increasingly exposed. Assets that address these deficits — through integrated infrastructure designed around the property, not added to it — are not.
The opportunity is in the gap between those two positions. HNordic's method is built to close it.
Not every commercial and industrial property is the right candidate. The assessment is what determines whether an asset belongs in an HNordic portfolio — and if so, what the system looks like and what the investment case is.
We assess: the energy profile of the asset and its tenants; the grid connection and available capacity; structural conditions and planning context; the EPC position and the regulatory timeline it creates; the tenant base and their operating requirements; and the gap between current net operating income and what the asset would produce with the right infrastructure in place.
The assessment has disqualifiers. Grid reinforcement requirements that exceed what the project economics support. Planning constraints that limit what can be installed. Tenant profiles that do not benefit from the infrastructure. We decline these assets. The ones that pass the assessment have a clear, costed path from current performance to upgraded performance — and the gap between the two is where the investment case lives.
We do not apply a standard formula. Each asset has a specific operational profile and a specific path to value. The system that results from the assessment is a designed response to that profile — not a product bundle applied uniformly.
Investment is always at portfolio holding company level. The SPV architecture below is the internal structure through which each portfolio operates — it is context for the investor, not a choice they make.
Every portfolio is structured as follows:
The energy SPV is therefore a contracted tenant in every property SPV before a single external tenant is signed. The two income streams — property rental and energy infrastructure rental — are genuinely ring-fenced in separate legal entities, with a contractual relationship between them.
Capital participates through a combination of debt and equity, structured around the characteristics of the underlying assets and the mandate of the investor.
| Debt component | Equity component | |
|---|---|---|
| Return | Defined contractual return | Participation in value creation |
| Security | Asset-backed | Asset-backed |
| Horizon | Defined term | Long-term |
| Exit | Refinance / asset sale | Asset sale |
| Investor role | Passive | Passive / strategic depending on mandate |
The balance between debt and equity follows the asset. HNordic does not build projects around a predetermined financial product.
The debt component is a secured instrument: asset-backed, carrying a defined contractual return over a defined term. The specific terms — return rate, tenor, and minimum participation — are discussed directly with investors whose mandate aligns with the structure.
The equity component provides long-term participation in the value created through operational improvement, with returns realised at exit.
Both instruments are described in full on their respective pages. The right starting point is a conversation.
For investors whose mandate suits long-term equity participation, the Equity Partnership page describes the structure in full.
For investors whose mandate suits a fixed-return secured instrument, the Loan Instrument page describes the structure in full.
Commercial and industrial properties with identifiable underlying value — acquired at a price that reflects current, unimproved performance. The starting point is a real asset with a documented income base, not a development site or a projection.
A defined, costed pathway from current performance to upgraded performance. The gap between the two is established through the assessment before capital is committed. The method has been applied across multiple assets — it is not a theory.
Infrastructure designed as part of the asset rather than added to it. The energy SPV owns and operates it as a long-term contracted tenant of the property SPV — generating rental income from the property regardless of grid market conditions.
Each portfolio structured around its own holding company, property SPVs, and energy SPV. One portfolio, one set of entities, clear governance. No cross-contamination between portfolios.
Rental income from tenants, rental income from the energy SPV, energy market revenue, EPC rating improvement, and eventual asset valuation uplift at exit. No single driver carries the entire return — the investment case is additive across all five.
HNordic is currently developing two portfolios of commercial and industrial assets in Sweden. Both are active. Both are being developed through the same method and operated on the same platform.
Portfolio SE10 — eleven assets. Acquired at below-upgraded-potential pricing. No grid reinforcement required across any of the eleven sites. Energy infrastructure upgrade in progress across the portfolio.
Portfolio SE13 — two fully occupied Swedish commercial properties. Rental income contractual from day one, before a single energy system is commissioned. Energy infrastructure layered on top of an income base that already runs.
The portfolios are at different stages. The project briefs and property schedules are available to investors after a first conversation.
The credibility of the investment case depends on the team's ability to execute — not on the quality of the presentation.
The teamMore than twenty years in maritime engineering, commercial and industrial real estate and energy operations. He has operated at this scale across multiple asset types and multiple markets. The assessment methodology, the system design process, and the long-term operational model are his.
Twenty-five years in enterprise systems, financial architecture and large-scale programmes across Deutsche Bank and major US and UK financial institutions. He has worked inside the structures that move serious capital. At HNordic, he designs the financial structures that make the investment case legible and the exit path clean.
Capital partners
HNordic is building a portfolio of commercial and industrial assets where operational improvement and integrated energy infrastructure create long-term value. If the investment thesis aligns with your mandate, the right next step is a direct conversation.
Equity Partnership Loan Instrument