Nordic real estate investor Genesta has acquired two properties in central Oslo for a total of EUR 67 mln. The vendor is Aberdeen Property Investors’ fund Sameiet Aberdeen Eiendomsfond Norge I (Norge I). The assets are Karl Johans gate 14 and Kirkegata 23-25.

Nordic real estate investor Genesta has acquired two properties in central Oslo for a total of EUR 67 mln. The vendor is Aberdeen Property Investors’ fund Sameiet Aberdeen Eiendomsfond Norge I (Norge I). The assets are Karl Johans gate 14 and Kirkegata 23-25.

Karl Johans gate 14 comprises 9,600 m2 and accounts for approximately 75% of the portfolio value, is centrally located along the major retail and pedestrian street Karl Johans gate. The building is primarily an office building with retail space on the street level. It is anchored by the tenant TV2 who occupies most of the building.

Kirkegata 23-25 is an 8,000-m2 office and retail property that is predominantly leased to Bluegarden.

The investment, which is being carried out on behalf of the fund Genesta Nordic Baltic Real Estate, is the fund's second in Norway and the eighth overall to date. Along with earlier investments in Sweden, Finland and Lithuania the fund's current portfolio totals roughly EUR 300 mln. Genesta Nordic Baltic Real Estate is a closed-ended discretionary fund targeting the Nordic and Baltic region with an investment capacity of EUR 350-400 mln.

David Renger, head of acquisitions at Genesta Property Nordic: 'In light of the positive economic outlook and the prospects of reasonable market recovery we have built up a small portfolio (EUR 120 mln) of three office properties in the Oslo market. This is in line with our long-term strategy to increase our presence in Norway. We have already started to see an improvement in the economy and there are signs that the rental market is beginning to normalize.'

Sameiet Aberdeen Eiendomsfond Norge I was established in 2004 as Aberdeen’s first property fund in Norway. The fund manages 24 properties primarily in the largest urban areas in Norway. The estimated value of the property portfolio is NOK 4.8 bn (EUR 611 mln).