Our Principles of Investment
We combine our deep, embedded knowledge of the Nordic real estate investment with our expertise in maximizing returns in different markets, sectors and segments through hands-on asset management.
The longevity and seniority of our team ensures that Genesta’s local hands are able to draw upon long-standing, trusted relationships across investment, occupational and financial markets. Together with our senior management team our in-house asset managers strategically placed in the Nordic capitals work hands-on with property managers, sustainability consultants, technical consultants and many more.
Genesta’s track record in generating real value for our institutional investors and partners is proven. The last 16 realizations generated project IRR’s net of taxes of 17% and a 1.8x equity multiple. Please contact Investor Relations for further information.
Vilhonvuori 11 Investment Case
Vilhonvuori 11 is an office and light industrial building located about three kilometers north of Helsinki CBD. Acquired by GNBRE Fund I in May 2008, the business plan consisted of reducing the number of tenants, attracting quality tenants and reducing the amount of un-leasable common areas. Reducing the common area made it possible to increase the lettable area and by reducing the amount of tenants we were able to make the property less management intensive.
By active asset management and targeted capital expenditure we were able to increase the NOI by an excess of 100% and the average lease length moved from 1.1 to 5.6 years. In addition, Vilhonvuori achieved a Green Star in GRESB (Global Real Estate Sustainability Benchmark).
Vilhonvuori was divested during December 2015 significantly above valuation and outperformed the initial business plan.
Hornafjord 1 Investment Case
Hornafjord 1 is an office building located in the established office submarket Kista, approximately 18 km northwest of Stockholm. Upon acquisition, many tenants had left the building and the occupancy level was around 10%.
The business plan was to reposition the property by refurbishing the vacant areas, increase the average lease length and improve the interconnectivity between the different parts of the property.
The property’s interior and exterior was upgraded to a modern standard with new entrances, a new façade and new windows. As a result the occupancy rate stabilized around 87%, the average lease length reached 3.7 years and the property was repositioned from C+ to B+.
|Fund:||GNBRE Fund I|
Grensen 5-7 Investment Case
Grensen 5-7 is an office and retail building located on the major shopping street Grensen in central Oslo. GNBRE Fund I acquired the property in December 2009 from a Norwegian open-ended fund that was in need of liquidity. Major tenants included Finn.no, Lindex and Sporthuset.
The business plan at acquisition was to reposition the property by renegotiating the leases and leasing up the vacant space.
The business plan was executed above expectation. During the holding period the property was leased up and leases were renegotiated to significantly higher levels. At exit the occupancy rate reached 99.5% and the average lease length was 6.5 years.
|Fund:||GNBRE Fund I|
|Type:||Office and Retail|