Finnish asset manager eQ has agreed to acquire Nordic real estate investment manager Genesta Property Nordic for up to €15.5m to strengthen its international growth platform and expand its real estate operations across the Nordic region.
The deal involves eQ taking over Genesta’s approximately €1bn in real estate assets under management across three funds, alongside its platform of around 30 staff across Stockholm, Helsinki, Oslo, Copenhagen and Luxembourg.
The transaction adds a local presence in Sweden, Norway and Denmark and a base of more than 20 European institutional investors to eQ, which currently manages €14.3bn in assets.
Following completion, Genesta will transition to the eQ brand, with Pertti Vanhanen, director of international business at eQ, continuing to lead the group’s international operations.
David Neil, CEO of Genesta, will take responsibility for real estate investments in Europe, Philip Björk will lead European investor relations and business development, and Jennifer Eloheimo, head of real estate investments at eQ, will remain responsible for Finnish real estate investments.
Vanhanen, Neil and Eloheimo will form the real estate steering committee for eQ Group. Daniel Tallqvist will serve as CFO and COO overseeing European asset management operations, reporting to eQ Group CFO Antti Lyytikäinen.
Vanhanen said: “In line with eQ’s strategy, we are pursuing growth through international institutional client relationships, particularly in private equity and real estate, and by strengthening eQ’s position as a strong private markets house.
“The acquisition of Genesta is the first step in building an international private markets growth platform and expanding our real estate asset management business into a Nordic-wide operation. Genesta’s institutional client relationships and networks, highly skilled personnel and Luxembourg fund platform support the implementation of eQ’s strategy and its international expansion.”
Neil said: “eQ’s strategy, culture and long-term approach make it a strong owner for Genesta. Together, we can strengthen our position in asset management and grow the business internationally.
“Joining forces with eQ will provide our clients with a significantly broader service offering and create development opportunities for our personnel as part of a larger organisation.”
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