Dronning Mauds gate 15 is an office building located in a prime office location in Oslo CBD. Acquired by GNRE Fund II in 2016 with 50% vacancy, the business plan was to refurbish and lease up the vacancy.
During Genesta’s management the property’s NOI was increased by circa 140% and the average lease length moved from 2.0 to 4.7 years. The occupancy rate increased from 50% to 96%.
The property was upgraded with electric car chargers, LED lighting with smart controls, water saving fixtures, efficient waste recycling facilities and new bicycle facilities promoting sustainable commuting options for the occupiers. Dronning Mauds gate 15 was awarded BREAAM In-Use: Very Good.
Dronning Mauds gate 15 was divested in February 2019 and significantly outperformed the initial business plan.
Fund: GNRE Fund II
Location: Oslo, Norway
Size: 8.300 m2
Type: Office
We strive to get enthusiastic engagement by tenants to help reduce the buildings overall environmental footprint. Dronning Mauds gate 15 was the first asset where we successfully negotiated Green Leases with our tenants. The biggest tenants in the building were eager to commit to our Sustainable Leasing principles to reduce their own environmental impact and work together towards more sustainable future.
Dronning Mauds gate 15 provided great facilities for sustainable operations after we implemented our sustainable construction guide and the building was equipped and ready to support the tenants in sustainable commuting, waste recycling and energy saving.
Genesta divests its holding in the CBD office property Dronning Mauds gate 15 on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II) to Carnegie Norway who has acquired the property on behalf of Nordea Liv.
