Genesta has sold the office property Mariboes gate 13 in central Oslo to Malling & Co Eiendomsfond. The company first acquired the property on behalf of GNRE Fund II during the summer of 2017. Under Genesta’s management the asset has undergone a refurbishment and rebranding in order to appeal to tenants looking for modern and centrally located premises. Genesta have renegotiated existing leases and attracted new tenants, with the property now fully let. Among the tenants are The Norwegian Building Authority, SOS Children’s Villages, The Norwegian Union of Social Educators and Social Workers, The National Association for Lesbians, Gays, Bisexuals and Transgender People and The Human Rights House Foundation. The purchase price was not disclosed.
"The transaction showcases the success of our strategy. We began the renovation of the property in 2018, and it is pleasing to see that we have succeeded to increase the value and create a good return for our investors," said Genesta’s CEO David Neil.
"We are pleased to have acquired Mariboes gate 13 on behalf of Malling & Co Eiendomsfond. The location and quality of the property, in addition to a high percentage of public service tenants and a good cash flow, means this acquisition fits the mandate of the fund," commented Mads Mortensen, Managing Partner at Malling & Co Investments.