Genesta Sells Gustavsbergs Centrum to Nordika

Gustavsberg, Sweden 15/01/15

Genesta’s fund, GNBRE (Genesta Nordic Baltic Real Estate), executes its second divestment by selling Gustavsbergs Centrum to Nordika Fastigheter.

The property, Ösby 1:42 comprises some 6,500 sqm. of leasable space occupied by well known tenants such as Coop, Systembolaget and the municipality of Värmdö. The property is fully leased, but it offers attractive development opportunities.

David Neil, CEO, Genesta:
– The divestment of Gustavsbergs Centrum delivers a strong return on equity to our investors. This transaction highlights Genesta’s focus on active asset management and that our ability to successfully allocate investments throughout the Nordics delivers attractive returns.

Jonas Grandér, CEO, Nordika:
– Gustavsbergs Centrum fits well into our retail portfolio comprising 45,000 m2 with a mix of shopping center and big box retail. The municipality of Värmdö is one of the fastest growing municipalities in Stockholm and Gustavsberg is located only 20 minutes by car from central Stockholm. In the next three to four years, 2,400 residential units will be constructed in the immediate vicinity of Gustavsbergs Centrum. Nordika, together with the municipality and the retailers, wants to contribute to the ongoing efforts to develop the area.

JLL Tenzing acted as financial advisor to Genesta for the transaction. Kilpatrick Townsend acted as legal advisor.