Genesta is pleased to announce that it has entered into an agreement to sell Värmdö Marknad, a 25,000 sqm retail park located in the eastern part of Greater Stockholm, on behalf of its fund GNBRE. The buyer is the Swedish occupational pensions company Alecta.
Värmdö Marknad retail park is located in the municipality of Värmdö, approximately 20km east of central Stockholm. Constructed in 2004-2005, it consists of two buildings with a gross lettable area of 25,000 sqm. The area immediately surrounding Värmdö Marknad retail park benefits from the construction of new residential units and improving infrastructure. Värmdö is one of Sweden’s fastest growing municipalities.
Genesta acquired Värmdö Marknad in 2008 and has during their ownership finalized a redevelopment project which increased the property’s lettable area, improved the tenant mix and enhanced the center’s overall attractiveness as a shopping destination. During Genesta’s holding period, new major long-term leases were signed with the Swedish grocery retailers Coop and City Gross.
“We are pleased with the divestment of Värmdö Marknad and the cooperation with Alecta. Värmdö Marknad has been a successful investment for GNBRE and we look forward to doing similar value add projects in the future,” comments Genesta’s CEO David Neil.
CBRE and Roschier advised Genesta on this transaction.