Genesta acquires the office property Fabianinkatu 9 on the fringe of the Helsinki CBD from Metso Oyj on behalf of its fund GNRE Fund II. The purchase price for the 8,000m² property is €19.6m.
Fabianinkatu 9 is located on the square Kasarmitori, in Kaarinkaupunki, close to Esplanadi Park and next to the major parking facility Kasarmintori Parking. The area is a preferred office location for several top tier law firms and is home to multiple larger corporate headquarters.
The property’s main tenant is the seller, Metso Oyj, who will be vacating the property at the end of the year.
“Acquiring a well-located and high-quality property like Fabianinkatu 9 is exciting for us. The property suits our investment strategy perfectly and we are looking forward to developing the property during the coming years. We will be able to offer a very good office product in a strong location,” comments Genesta’s CEO David Neil.
This is the forth acquisition on behalf of GNRE Fund II. The fund has to date received commitments of approximately EUR 250 million and the final closing of up to €350m is scheduled for the summer of 2016. GNRE Fund II’s strategy is to provide institutional investors with exposure 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.
