Genesta sells Oslo mixed-use asset to Tristan for €75m

Nordic asset manager Genesta has sold a retail and office property in Oslo, for NOK 630 mln (€75 mln).

Genesta was acting on behalf of its Nordic Baltic Real Estate value-add fund.

The buyer is European Property Investors Special Opportunities 3 (EPISO 3), a fund advised by pan-European real estate investment manager Tristan Capital Partners.

The property is located at 5-7 Grensen, a prime retail street in Oslo city centre. It comprises 14,000 m2 of leasable space occupied primarily by Norway’s largest online marketplace Finn.no, international retailer Lindex, online music service Tidal and sports retailer G-Sport.

Genesta acquired Grensen 5-7 on behalf of its fund in December 2009 and at that time the property had an occupancy rate of 85%. Under Genesta’s management the net operating income has increased by 40% mainly through the leasing-up of vacant space and the renegotiation of the leases on better terms.

Akershus Eiendom acted as financial advisors and Wikborg Rein as legal advisors to Genesta.