Genesta is pleased to announce that, on behalf of Genesta Nordic Baltic Real Estate Fund I (GNBRE), it has divested the office property Vilhonvuorenkatu 11 located in Helsinki. The property was acquired by Schroder Real Estate Kapitalverwaltungsgesellschaft MBH, a fund managed by Schroders for EUR 60 million.
Vilhonvuorenkatu 11 is located in the Sörnäinen area in eastern downtown Helsinki, close to the Sörnäinen metro station. The property has undergone large-scale renovation and consists of largely modern loft office premises and standard high-quality office premises. Genesta has increased the property’s NOI by 98% during the holding period, mainly by refurbishing the property and by renegotiating leases to better terms.
“The divestment of Vilhonvuorenkatu 11 is the fifth divestment on behalf of GNBRE and the fund has successfully divested EUR 290 million over a period of one year. On behalf of the fund Genesta has now returned 80% of the equity of the Fund back to investors,“ comments Genesta’s CEO David Neil.
Genesta’s new fund, Genesta Nordic Real Estate Fund II (GNRE Fund II), has also completed the acquisition of Antinkatu 1 and Bulevardi 21 in Helsinki city center from Senate Properties. The acquisition was signed in June 2015 and was pending the Parliament of Finland’s approval. GNRE Fund II has EUR 192 million of commitments from five institutional investors. It is targeting a total of EUR 350 million in capital. The fund is actively looking for new value-add property investments in Stockholm, Copenhagen, Helsinki and Oslo.
Advium Corporate Finance advised Genesta in the divestment of Vilhonvuorenkatu 11.