Genesta has inked a deal to sell Värmdö Marknad, a 25,000 m2 retail park located in the eastern part of Greater Stockholm, on behalf of its fund GNBRE.
The buyer is the Swedish occupational pensions company Alecta. A transaction price was not revealed.
'We are pleased with the divestment of Värmdö Marknad and the cooperation with Alecta. Värmdö Marknad has been a successful investment for GNBRE and we look forward to doing similar value-add projects in the future,' commented Genesta’s CEO David Neil.
Värmdö Marknad retail park is located in the rapidly expanding municipality of Värmdö, approximately 20 km east of central Stockholm. Constructed in 2004-2005, it consists of two buildings with a gross lettable area of 25,000 m2.
After acquiring Värmdö Marknad in 2008, Genesta completed a redevelopment project which increased the property’s lettable area, improved the tenant mix and enhanced the centre’s attractiveness as a shopping destination, according to the firm. During Genesta’s holding period, new long-term leases were signed with the Swedish grocery retailers Coop and City Gross.
CBRE and Roschier advised Genesta on the transaction.
