Nordic fund manager Genesta has bought the Fabianinkatu 9 office property on the fringe of the Helsinki Central Business district for a price of nearly €20 mln.
The property was bought from industrial group Metso on behalf of Genesta's GNRE Fund II fund.
The fund has received equity commitments of €250 mln to date and is preparing its final closing, which is expected to bring in a further €100 mln of equity by the end of the summer.
GNRE Fund II’s strategy is to provide institutional investors with exposure 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.
Fabianinkatu 9 provides 8,000 m2 and is multi let with the largest tenant being the vendor itself, Metso, which will be vacating the property at the end of the year.
'The property suits our investment strategy perfectly and we are looking forward to developing the property during the coming years. We will be able to offer a very good office product in a strong location,' commented Genesta’s CEO David Neil.
