Genesta divests its holding in the CBD office property Dronning Mauds gate 15 on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II) to Carnegie Norway who has acquired the property on behalf of Nordea Liv.
GNRE Fund II acquired the property located in central Oslo in 2016 when it was about 50% vacant. Under Genesta’s management the property has undergone a large-scale refurbishment and rebranding to appeal to tenants wanting an A-Grade property. Today the property is fully let to, amongst others, Malling & Co and the law firm Glittertind AS. The property has been environmentally certified according to BREEAM.
"The disposal showcases the success of our strategy - in 2016 we set out to create an income producing product for institutional investors and I am happy to see it succeed. During our ownership about 95% of the leaseable area was let or renegotiated in about half of the time we estimated it would take", comments Genesta’s CEO David Neil.
Genesta was advised by Pangea Property Partners AS and Selmer AS. Carnegie Norway has been advised by Haavind AS.
“The acquisition is fully in line with Nordea Liv’s investment profile, targeting the CBD office segment with high quality characteristics representative for a long term ownership” says Fredrik Bø, Head of Project Finance in Carnegie Norway.
GNRE Fund II
GNRE Fund II’s strategy is to provide institutional investors with access to value add office property investments in Stockholm, Copenhagen, Helsinki and Oslo. The fund also invests in retail and logistics properties in large metropolitan areas in the Nordic region. The fund has EUR 373 million of committed capital from twelve institutional investors.