Genesta acquires the 11,200m² landmark office property Hameentie 11 located in Sornainen, Helsinki on behalf of its fund GNRE Fund II. The seller is a fund managed by J.P. Morgan Asset Management.
The building was designed by Vaino Vahakallio and was completed in 1927 as the headquarters for Elanto. The property’s main tenant, the Educational Department of the City of Helsinki, vacated the property during December 2016. The property will now be comprehensively refurbished before it is leased out again. “Hämeentie 11 suits our investment strategy very well and we are looking forward to developing it during the coming years. We hope to harness the unique architecture and history of the property and create something truly unique for the Finnish office market,” comments Genesta’s CEO, David Neil.
GNRE Fund II
This is the fifth acquisition by GNRE Fund II. GNRE Fund II’s strategy is to provide institutional investors with access to value add office property 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 fund has €73m of committed capital from twelve institutional investors.
