Luminor pension funds invest in Baltic real estate through Nuve Partners fund
Luminor’s Estonian and Lithuanian pension funds are investing over five million euros in Net Lease for Future, a real estate fund managed by Nuve Partners. The fund focuses on single-tenant properties secured by long-term lease agreements.
Net Lease for Future aims to build a portfolio of up to 100 million euros over the next five years, consisting of business-critical properties let to strong tenants. Established in 2025, the fund has made two investments worth more than 23 million euros.
“For our pension funds, Net Lease for Future is an attractive investment opportunity, as it offers stable cash flow together with minimal costs and inflation-protected lease agreements,” commented Vahur Madisson, fund manager of Luminor’s pension funds.
According to Madisson, Net Lease for Future is Nuve Partners’ second fund and reflects the company’s long-term commitment to real estate investment.
“The fund is led by an experienced team, and their investment strategy aligns well with our pension funds’ investment objectives. It complements the existing investments of Luminor’s pension funds and helps us grow pension savers’ assets by investing in our home region,” added Madisson.
Raiko Uri, fund manager of Net Lease for Future, highlighted the role of actively managed pension funds in the local market.
“Actively managed pension funds are exactly the kind of domestic capital that gives our market depth and resilience. Pension savers, in turn, gain access to commercial real estate with stable cash flow and inflation protection — assets that are hard for an individual investor to reach,” said Uri.
Following the investment, Luminor’s pension funds are the largest investors in the Net Lease for Future fund.
Originally published as a press release by Luminor.
About Luminor pension funds
Luminor is one of the largest pension fund managers in the Baltics, offering modern second- and third-pillar pension solutions. Luminor group companies in Estonia, Latvia and Lithuania manage 36 pension funds with a total value of over 2.6 billion euros.
