Genesta has acquired Cirkelhuset II scheme in Koge, in greater Copenhagen, Denmark. The acquisition is Genesta’s first residential deal, and it is made on behalf of Genesta´s fifth fund, GNRE Core Plus Open-ended. The seller is CECN, owned by Ejendomsselskabet Casa Nord and CEC Group Holding.
"This is an exciting time for Genesta. With Cirkelhuset II we expand our focus from office, retail, and logistics to also include the residential sector, fitting our fund´s strategy perfectly," said Genesta’s CEO David Neil. "We look forward to welcoming the first residential tenants to Cirkelhuset II and to Genesta. Now we continue to search for new exciting opportunities in Copenhagen and across the Nordics."
The 7,100m² cylinder-shaped property consists of 100 residential units under construction. It is located near the highway and within walking distance to the Koge Nord Station, taking commuters to Copenhagen in 22 minutes by train. The building will be equipped with solar panels, electric car chargers and cyclist parking for the tenants.
Genesta will take over the completed construction in mid-December this year, with the first tenants moving in already in October.
"It is a pleasure to be able to offer totally newly built and super fresh apartments to Koge, which is a growing municipality. The units vary from 48-108m² and cater to a wide type of tenants," said Stefan Bjorklund, responsible for residential investments at Genesta.