Nordic fund manager Genesta has sold the 23,600 m2 Liila centre in the Epoo district of Greater Helsinki to Finnish investment manager eQ.
eQ acquired the property for eQ Finnish Real Estate from Genesta Nordic Baltic Real Estate fund. The investment volume of the transaction was not disclosed.
During Genesta's ownership the property was refurbished and rebranded as Liila. Major tenants include Lidl, Power, Toys R Us and Vepsäläinen.
'The project has been exciting from start to finish and we are divesting it in line with the strategy of the fund,' said Genesta's CEO David Neil.
Genesta's new value-add fund, Genesta Nordic Real Estate Fund II (GNRE Fund II) is currently being invested and has so far acquired five properties. The fund had its final closing during the autumn and has €373 mln of capital committed from twelve institutional investors. The fund's strategy is to provide institutional investors with access to value-add property investments in Sweden, Norway, Finland and Denmark.
