Genesta Acquires Residential Portfolio in Espoo, Helsinki
These assets are exactly the type of properties we seek: well-located residential assets in established, high-demand neighbourhoods. Combined with strong occupancy levels and clear opportunities to enhance sustainability performance, they offer attractive long-term value creation potential.
- Anna Pihlajaniemi, Head of Investment Management Finland at Genesta.
Genesta has acquired a portfolio of three residential properties located in established districts of Espoo, within the Helsinki Metropolitan Area. The acquisition, completed on behalf of the GNRE Core Plus Open-Ended Fund, expands Genesta's residential investment in the Nordics. The portfolio comprises approximately 8,600 square metres of lettable area, including 142 apartments and four retail units.
- This acquisition strengthens our residential platform in the Nordics and reflects our strategy of investing in high-quality assets in prime micro locations with strong potential for long-term, sustainable value creation, says David Neil, CEO of Genesta.
The portfolio consists of three assets located in well-established residential neighbourhoods in southern Espoo. The properties offer a diverse mix of apartment sizes and have demonstrated stable operational performance and consistently high occupancy levels in recent years.
- We are pleased to make our first residential investment in Finland and believe the current market environment presents an attractive opportunity. Supported by limited new supply and improving residential market fundamentals, we see significant potential to enhance the portfolio's long-term value, says Stefan Björklund, Residential Responsible at Genesta.
- We are pleased to make our first residential investment in Finland and believe the current market environment presents an attractive opportunity. Supported by limited new supply and improving residential market fundamentals, we see significant potential to enhance the portfolio's long-term value.
- Stefan Björklund, Residential Responsible at Genesta.
Like Genesta's broader portfolio, these assets benefit from excellent connectivity, with access to the Helsinki metro network and close proximity to the area's main ring roads.
- These assets are exactly the type of properties we seek: well-located residential assets in established, high-demand neighbourhoods. Combined with strong occupancy levels and clear opportunities to enhance sustainability performance, they offer attractive long-term value creation potential, says Anna Pihlajaniemi, Head of Investment Management Finland at Genesta.
Genesta was advised by Merilampi, PwC and Granlund on the transaction.
About GNRE Core Plus Open-Ended
GNRE (Genesta Nordic Real Estate) Core Plus Open-Ended is an actively managed fund investing in real estate in the Nordics. The fund was launched in 2021 and today manages approximately EUR 300 million in equity. The fund targets logistics, residential, office and retail real estate assets in the Nordics.
About Genesta
Genesta is a fund and investment manager that specializes in real estate in the four Nordic countries. We invest in logistics, residential, office and retail assets and have offices in Stockholm, Helsinki, Oslo, Copenhagen and Luxembourg.