Genesta Makes First Residential Acquisition - 100 Units in Denmark
This is an exciting time for Genesta. With Cirkelhuset II we expand our focus from office, retail, and logistics to also include the residential sector, fitting our fund´s strategy perfectly.
- David Neil Genesta’s CEO
Genesta is pleased to announce the acquisition of Cirkelhuset II in Køge, in greater Copenhagen, Denmark. The acquisition is Genesta’s first residential deal, and it is made on behalf of Genesta´s fifth fund, GNRE Core Plus Open-ended. The seller is CECN, owned by Ejendomsselskabet Casa Nord and CEC Group Holding.
- This is an exciting time for Genesta. With Cirkelhuset II we expand our focus from office, retail, and logistics to also include the residential sector, fitting our fund´s strategy perfectly, says Genesta’s CEO David Neil.
The 7,100 sqm cylinder-shaped property consists of 100 residential units under construction. It is located near the highway and within walking distance to the Køge Nord Station, taking commuters to Copenhagen in 22 minutes by the train. The building will be equipped with solar panels, electric car chargers and cyclist parking for the tenants.
Genesta will take over the completed construction in mid-December this year, with the first tenants moving-in already in October.
- It is a pleasure to be able to offer totally newly built and super fresh apartments to Køge, which is a growing municipality. The units vary from 48-108 sqm and cater to a wide type of tenants, says Stefan Björklund, responsible for residential investments at Genesta.
Genesta is best known in Denmark for its re-development of the office property KB32 on Kalvebod Brygge and the purchase and re-branding of the office property Ferring/Neroport in Ørestad.
- We look forward to welcoming the first residential tenants to Cirkelhuset II and to Genesta. Now we continue to search for new exciting opportunities in Copenhagen and across the Nordics, says David Neil.
Bruun & Hjejle, PWC and Ramboll were Genesta’s local advisers during the acquisition.
It is a pleasure to be able to offer totally newly built and super fresh apartments to Køge, which is a growing municipality. The units vary from 48-108 sqm and cater to a wide type of tenants,
- Stefan Björklund, responsible for residential investments at Genesta.
About GNRE Core Plus Open-ended
GNRE (Genesta Nordic Real Estate) Core Plus Open-ended is an actively managed fund investing in commercial real estate in the Nordics. The fund was launched in 2021 with EUR 152 million in equity. The fund targets commercial (logistics, residential, office and retail) real estate assets in the Nordics.
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.
