Genesta has taken back ownership of a Finnish logistics centre it sold to JP Morgan Asset Management (JPMAM) just over a decade ago.
In July 2007, a fund managed by JPMAM bought the Juvanmalmi logistics centre in Espoo, from a joint venture between Merrill Lynch, O’Connor Capital Partners and Genesta.
Genesta continued to manage and develop the asset.
The investment manager said today it has bought the 66,680sqm logistics property, on behalf of the Genesta Nordic Real Estate Fund II (GNRE Fund II), for an undisclosed sum.
David Neil, the chief executive officer of Genesta, said: “We are excited about expanding our portfolio in Finland through the acquisition of JuvanTeollisuuskatu 25.
“The excellent location close to major highways and other infrastructure suits our fund perfectly.”
Established in April 2014, GNRE Fund II is a value-add office property find which targets investments in Stockholm, Copenhagen, Helsinki and Oslo.
The fund also invests in retail and logistics properties in large metropolitan areas in the Nordic region.
The current deal is the ninth acquisition on behalf of Fund II.