Genesta expands its range of funds to also include a core+ strategy. The new fund GNRE Core Plus had its first close in June 2018 and has simultaneously acquired assets in Sweden to a combined value exceeding EUR 100 million out of a total investment capacity of approximately EUR 700 million.
DC Placement Advisers is the exclusive advisor for Genesta on the raise of the capital. GNRE Core Plus has a target return of 7-8% net to investors and aims to deliver a dividend return of 4% annually.
The two first investments for GNRE Core Plus are an office property in Solna, Stockholm anda retail park in Jönköping. “In a very short period of time we have acquired two high qualityproperties in Sweden on behalf of our fund, GNRE Core Plus, comments Genesta’s CEODavid Neil. The acquisitions are very good fits for the new fund.”
The office property Styckjunkaren 3 is a multi-let office property of 13,400 sqm acquired from Profi Fastigheter.
“We see great potential for rental growth in this location. The property enjoys immediatemotorway access and ample parking places. Public transport is already good with a subway station only a short walk away, but will be exceptional with the construction of a new commuter train station at Huvudsta starting in 2021,” comments David Neil.
“The 35,200 sqm retail park Solåsen in Jönköping acquired from Skandia Fastigheter is an established retail park in a growing region and its location and characteristics are perfectly aligned with our investment strategy. It is our opinion that Solåsen will continue to be, together with Asecs, the most important retail destination in Jönköping,” comments David Neil.
GNRE Core Plus
GNRE (Genesta Nordic Real Estate) Core Plus’s strategy is to provide top tier institutional investors with access to core plus office property investments in Stockholm, Copenhagen, Helsinki and Oslo. The fund also invests in retail and logistics properties in large metropolitan areas in the Nordic region. It will target well-located properties with some opportunity of value creation through hands-on asset management and has a total investment capacity of approximately EUR 700 million.