Genesta acquires and redevelops office property in central Stockholm
The renewal will have a positive effect on the entire local area. The five houses will be transformed into their own lively neighbourhood with public activities at street level. The office premises will offer all the functions that the modern company wants. It will be a long-awaited meeting place for Stockholm's creative industries in this part of the city.
- David Neil, CEO Genesta.
Genesta acquires the office property Mullvadsberget 29 located at Hornsgatan 122-130 in Stockholm. The acquisition is on behalf of Genesta's fund GNRE Fund III and the seller is Stockholmshem. The 10,300 sqm building will be transformed to a modern and sustainable property to suit the future demand from office tenants.
- The renewal will have a positive effect on the entire local area. The five houses will be transformed into their own lively neighbourhood with public activities at street level. The office premises will offer all the functions that the modern company wants. It will be a long-awaited meeting place for Stockholm's creative industries in this part of the city, says David Neil, CEO of Genesta.
Focus on sustainability
Like all of Genesta's office properties, Mullvadsberget 29 is also strategically located close to public transport with only a couple of minutes’ walk to the metro at Zinkensdamm and Hornstull. The property, which was built in stages between 1959 and 1973, will also be upgraded from an environmental point of view and certified according to BREEAM in-Use with the ambition of level Excellent.
- With Mullvadsberget 29, we continue to turn brown buildings into green properties. Now, we continue to look for interesting investments in the office, logistics, residential and retail segments in Stockholm and in our other Nordic focus locations, says David Neil.
Roschier, PwC, Arcona, Structor and C.F.Møller Architects were Genesta's advisers during the acquisition.
With Mullvadsberget 29, we continue to turn brown buildings into green properties. Now, we continue to look for interesting investments in the office, logistics, residential and retail segments in Stockholm and in our other Nordic focus locations.
- David Neil.
GNRE Fund III
GNRE Fund III’s strategy is to provide institutional investors with exposure to value add office property investments in Stockholm, Copenhagen, Helsinki and Oslo. The fund also invests in logistics and retail properties in large metropolitan areas in the Nordic region.
About Genesta
Genesta is a fund and investment manager that specializes in commercial real estate in the four Nordic countries. We invest in residential, office, retail and logistics assets and have offices in Stockholm, Helsinki, Copenhagen and Luxembourg.
For further information about the company, please go to www.genesta.eu.