Genesta has raised €152m ($170m) for its second value-add fund, with the backing of four institutional investors.

The Nordic Real Estate Fund II will invest in office, retail and logistics assets in Stockholm, Copenhagen, Helsinki and Oslo.

Genesta said the fund would pursue value-add investments and target a net return of 13-14%.

Additional capital will be secured this month, Genesta said, with the manager aiming for €350m-400m of commitments.

The fund will be around twice the size of its predecessor, Genesta Nordic Baltic Real Estate, a closed-end, €176m, vintage 2007 fund.

The fund outperformed the IPD Sweden Annual Property Index by 3.1% and last year recorded a total return of 10.8%.

David Neil, chief executive at Genesta, said the manager’s first fund, Genesta Baltic Real Estate, delivered “excellent returns” to investors and was now more than 60% divested.

CIO Allan Strand Olesen will manage the new fund.

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