Genesta sells 2 office assets in Oslo for €81m

Nordic investment manager Genesta has disposed of two office properties in central Oslo to a subsidiary of AVA EiendomsPartner for a net acquisition price of NOK 755 mln (€81 mln).

The assets were sold on behalf of Genesta Nordic Baltic Real Estate (GNBRE), a €440 mln discretionary closed-end fund that was launched in 2007 and is now fully invested, with 12 European institutional investors.

GNBRE acquired the two properties – located at Karl Johans gate 14 and Kirkegate 23-25 in Oslo - in 2010 and developed them during the past four years.

The combined lettable area of 17,300 m2 is leased mainly to TV 2, G-Star and Blue Garden. The properties are almost fully let.

Anders Palmgren, director and head of investor relations at Genesta, commented: ‘The investments have generated significant returns due to our asset manager’s local expertise and a strong business plan. The successful sale of the properties showcases our commitment to maximise returns and minimise risk through diversification and active hands-on asset management.’

Genesta said it is now in the final stages of raising its second fund, GNRE II. The fund will focus on value-add real estate throughout Sweden, Finland, Denmark and Norway.