Swedish offices look strong; Danes still distressed, says Genesta’s Palmgren

Strong demand in Sweden is driving office opportunities, while Denmark has scope for distressed deals, according to Anders Palmgren, senior director at real estate fund manager Genesta.

Speaking exclusively to PropertyEU at the MIPIM fair in Cannes, he said: ‘In Sweden the very strong economy allows you to take grade B or C offices to grade A. There’s a big demand for nice office space and very little vacancy.’

But those doing business in Denmark need to be more selective, he believes. ‘It’s still a market in distress. The banking community is still in difficulties there, but you can selectively do some nice distressed transactions.’

And Finland, he said, offers a, ‘very big spread on yields on assets and cost of finance, so good cash on cash.’

Palmgren recently returned to Genesta, the company he co-founded in 2003, after a six-year stint at property adviser Catella where he headed up the corporate finance division and had been primed to succeed CEO Johan Ericsson. Palmgren stepped down from his position as CEO of Catella Property Group late last year following an internal dispute. Ericsson has since resumed the role of CEO.

Click on the link below to watch the video of the interview

Want to know more about the Nordic markets? PropertyEU is holding a Nordic Investment Briefing in London on 27 March.