Genesta, an investment manager focused on the Nordics, has announced the acquisition of the Arninge Centrum in Stockholm from Unibail-Rodamco for an undisclosed amount.
The deal, which was made on behalf of Genesta's value-add Nordic Real Estate Fund II (GNRE Fund II), encompasses a 20,300 m2 retail property located in the expanding municipality of Täby, 15 km north of Stockholm city center.
The Täby area will undergo a transformation during the next years including thousands of new residential units, a new commuter center for buses as well as additional retail and service development.
'We are thrilled to complete our first acquisition in Sweden for GNRE Fund II,' said Genesta’s CEO David Neil. 'Arninge Centrum has a great deal of potential and we have a positive view on retail in growing and expanding municipalities in Sweden. This is the fund’s seventh acquisition across the Nordics so far and we are actively looking to acquire more value add properties in Sweden and the other Nordic countries.'
'Genesta now has a property with good development potential and we can focus on our core properties,' added Lars Åke Tollemark, CEO of Unibail Rodamco’s Nordic operations.
Roschier and KPMG advised Genesta on this transaction.
GNRE Fund II invests in retail and logistics properties in large metropolitan areas in the Nordic region. The fund has €373 mln of committed capital from 12 institutional investors.
