Genesta Nordic Baltic Real Estate (GNBRE) has completed the divestment of the properties Karl Johans gate 14 and Kirkegate 23-25 in Oslo to a subsidiary of AVA EiendomsPartner AS for a net acquisition price of 755 million NOK.
GNBRE acquired the two properties during 2010 and has successfully developed the properties located in central Oslo during the past four years. The combined lettable area of 17,300 sqm is leased mainly to TV 2, G-Star and Blue Garden. Today the properties are almost fully let.
Anders Palmgren, Director and Head of Investor Relations, commented, “The investments has generated significant returns due to our asset manager’s local expertise and a strong business plan. The successful sale of the properties showcases our commitment to maximise returns and minimize risk through diversification and active, hands on asset management.”
GNBRE has since 2007 exceeded market expectations and outperformed IPD and INREV benchmarks. NOI has increased by forty procent on portfolio level during the life of the fund.
Genesta is now in its final stages of raising its second fund, GNRE II. The fund will focus on value-add real estate throughout Sweden, Finland, Denmark and Norway.