The open-ended core plus strategy makes perfect sense for us. We will use our extensive value-add experience as leverage and generate strong risk-adjusted returns to our investors, while also providing a level of liquidity not possible with closed-ended funds.- David Neil, CEO of Genesta.
Genesta completes the first closing of its fifth fund, GNRE Core Plus Open-ended, with commitments of 152 million euros.
The new fund invests in a broad set of sectors across the Nordics with a focus on the capital city regions. It will acquire well-located cash-flowing properties with room for improvement through active asset management. The fund has ambitious ESG-goals and will pursue a GRESB 5-star rating and strong reductions in CO2 emissions.
“The open-ended core plus strategy makes perfect sense for us. We will use our extensive value-add experience as leverage and generate strong risk-adjusted returns to our investors, while also providing a level of liquidity not possible with closed-ended funds”, says David Neil, CEO of Genesta. “Further, the open-ended nature of the fund means we can hold investments for a long time, allowing us to capture long-term trends.”
Genesta is pleased to have SPK Pension Tjänstepensionsförening and the multi-manager real estate team of Credit Suisse Asset Management as cornerstone investors. Both investors have been actively involved in the tailoring and structuring of the investment strategy of the fund, optimizing it for institutional investors. The fund will continuously seek capital from institutional investors as attractive opportunities arise.
About SPK Pension Tjänstepensionsförening
SPK Pension Tjänstepensionsförening (SPK) is a Swedish association for occupational pensions whose members include employers and employees of Swedbank, savings banks and other companies following the Swedish banking pension plan BTP2. SPK’s objective is to provide its members with safe, cost-effective and sustainable occupational pensions and a high level of service. SPK invests on its own behalf with a long-term investment horizon and is fully funded. Current assets under management total 3.2 billion euros.
About Credit Suisse Asset Management
Credit Suisse Asset Management (Switzerland) Ltd. is part of the Asset Management division of Credit Suisse Group and manages assets worth over CHF 471bn worldwide (as at June 30, 2021). The multi-manager real estate team leverages their extensive network of best-in-class local managers to secure attractive real estate investment opportunities globally.
Genesta Property Nordic is a fund and investment manager that specializes in commercial and residential real estate in the four Nordic countries. We have 34 professionals in offices in Stockholm, Helsinki, Copenhagen and Luxembourg.