Prime office property in central Copenhagen acquired by Klövern.
Genesta sells the prime office property Kalvebod Brygge 32 in central Copenhagen for DKK 1,420 million (EUR 190 million) on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II) to the Swedish listed real estate company Klövern.
The unique characteristics and the central location of Kalvebod Brygge 32 suits our funds’ investment strategy perfectly. This project showcases why the Copenhagen office market is, and will continue to be, a key market for our funds.- David Neil, Genesta CEO
The 31,700 square meter property was almost fully vacant when acquired by Genesta in February 2018. The property is now fully let with Kammeradvokaten as the main tenant. Under Genesta´s ownership, 25,400 square meters have been let and the property is now being refurbished to meet the new tenants’ demands. When completed, the building will include modern and unique premises, a new façade and a roof top terrace.
We look forward to welcoming our new tenants to modern and flexible premises in a very central location. This acquisition complements our portfolio in Copenhagen in a fantastic way.- Rutger Arnhult, CEO of Klövern
The tenants are expected to move into their newly refurbishment premises in April 2021.
Genesta was advised by Revco, Gorrisen Federspiel and Colliers.
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.