Genesta Acquires Office Property in Oslo

Genesta acquires Portal Skøyen in central Oslo. The 23,500 sqm office property is located along the E18 highway between Skøyen and Lysaker, west of Oslo city center. The acquisition is on behalf of Genesta's fifth fund GNRE Core Plus open ended, and the sellers are Backe Eiendom Invest, Stokke Industri Eiendom and Farvatn Capital.

- We are very happy to be back in the Oslo market again. The acquisition is a strategic investment in an already well-established and expanding business district. For example, the new metro station will be a decisive factor for our future tenants, says David Neil, CEO Genesta.

The municipality's plan for Skøyen/Lysaker will increase the utilization rate and elevate the area. The new metro line “Fornebu Line” is currently being constructed and is an extension of the Oslo metro line. The new Vækerø Station is one of six new stations and will be located just outside Portal Skøyen and take commuters to Majorstuen in 5 minutes.

The property has just over 23,500 square meters of leasable space and is almost fully let to well-established tenants with long-term lease agreements. The building houses well-known companies including Bilia, Verisure and Reitan Convenience. The property is modern, and users can enjoy a wide range of services, for example a restaurant, gym, garage, conference center and a coffee bar.

- The investment successfully supports our goal to build a high-quality office portfolio across the Nordics. We will now continue to look for new investment opportunities in Oslo and in our other Nordic focus locations, says David Neil.

Genesta is known in Norway for the development projects in Dronning Mauds gate 15, Grensen 5-7 and Mariboes gate 13 in central Oslo.

Selmer, PWC, and Pangea Project Finance were Genesta's advisers during the acquisition.