Genesta has acquired the Grensen 5-7 property in Oslo from Storebrand Eiendomsfond for EUR 53 mln, before deduction for latent capital gains tax.
Genesta has acquired the Grensen 5-7 property in Oslo from Storebrand Eiendomsfond for EUR 53 mln, before deduction for latent capital gains tax.
The property is located in the immediate vicinity of Stortorget on the Grensen pedestrian street. It comprises 10,600 m2 of office space and 3,600 m2 of retail space. Finn.no and Lindex are among the tenants.
Genesta said it will continue the work of developing and improving the property, a process that was started by Storebrand Union Eiendomskapital.
The investment, which is being carried out on behalf of the Genesta Nordic Baltic Real Estate fund, is its first in Norway and the seventh to date.
Following earlier investments in Sweden, Finland and Lithuania, the fund's portfolio totals roughly EUR 220m.
Genesta Nordic Baltic Real Estate is a closed-end discretionary fund targeting the Nordic and Baltic regions. The fund, which has an investment capacity of EUR 400 mln, aims to acquire an additional EUR 100 mln of real estate during the coming year.
