Genesta, the Stockholm-based real estate fund manager, has completed the first closing of its fifth fund, GNRE Core Plus Open-ended, with equity commitments of €152 mln.
Pension fund SPK Pension Tjänstepensionsförening and the multi-manager real estate team of Credit Suisse Asset Management are cornerstone investors in the fund and have been actively involved in the tailoring and structuring of the investment strategy of the vehicle.
The new fund invests in a broad set of sectors across the Nordics with a focus on the capital city regions. It will acquire well-located cash-flowing properties with room for improvement through active asset management. The fund has ambitious ESG-goals and will pursue a GRESB 5-star rating
'The open-ended core plus strategy makes perfect sense for us. We will use our extensive value-add experience as leverage and generate strong risk-adjusted returns to our investors, while also providing a level of liquidity not possible with closed-ended funds,' said David Neil, CEO of Genesta. 'Further, the open-ended nature of the fund means we can hold investments for a long time, allowing us to capture long-term trends.'
The fund will continuously seek capital from institutional investors as attractive opportunities arise.
