Genesta Divests Grensen 5-7 to fund advised by Tristan Capital Partners

Oslo, Norway 04/06/17

Genesta has divested Grensen 5-7, a retail and office property in Oslo, on behalf of its managed fund Genesta Nordic Baltic Real Estate (GNBRE), for about NOK 630 million. The purchaser is European Property Investors Special Opportunities 3 (EPISO 3), a fund advised by pan-European real estate investment manager Tristan Capital Partners.

The property is located on Grensen, a prime retail street in Oslo city centre. The property comprises 14,000 sqm of leasable space occupied primarily by Norway’s largest online marketplace Finn.no, international retailer Lindex, online music service Tidal and sports retailer G-Sport.

Genesta acquired Grensen 5-7 on behalf of GNBRE in December 2009 and at that time the property had an occupancy rate of 85%. Under Genesta’s management the NOI has increased by 40% mainly through the leasing-up of vacant space and renegotiating leases on better terms.

David C. Neil, CEO of Genesta:
“Following the divestment of Grensen, GNBRE has successfully divested assets of EUR 235 million. According to IPD, GNBRE’s total annual return, over a five-year period, is 10.8% - substantially outperforming the IPD Standard Nordic Benchmark by an average of 3.5 percentage points per year1. GNBRE is a 2007 vintage value-added fund.”

Akershus Eiendom acted as financial advisors and Wikborg Rein as legal advisors to Genesta in the transaction.

1 IPD Standard Nordic Benchmark, April 2015