Genesta has divested Hornafjord 1, a 23,000 m² office building situated in Kista, on behalf of its managed fund GNBRE.
The property was acquired in December 2007 and had a vacancy rate of more than 80%. Genesta has completely repositioned the property in the market place including substantial renovations, leasing and sustainability activities. At the time of the transaction, the vacancy rate had decreased to approximately 10%.
The property was sold to Kungsleden AB for SEK514 mln (€54 mln).
David Neil, CEO of Genesta: “Through the divestment of Hornafjord Genesta has delivered a strong return on equity for the investors in the fund. The sale of the property shows that Genesta’s professional and proactive management of the fund’s holdings lay the foundation for delivering a healthy yield.”
Cushman & Wakefield acted as financial advisors and Kilpatrick Townsend as legal advisors to Genesta in the transaction.