Genesta acquires the office property Mullvadsberget 29 located at Hornsgatan 122-130 in Stockholm, Sweden. The purchase was made on behalf of Genesta's fund GNRE Fund III. The vendor is Stockholmshem. The purchase price was not disclosed.
The 10,300m² building will be transformed into a modern and sustainable property to suit the future demand from office tenants.
"The renewal will have a positive effect on the entire local area. The five houses will be transformed into their own lively neighbourhood with public activities at street level. The office premises will offer all the functions that the modern company wants. It will be a long-awaited meeting place for Stockholm's creative industries in this part of the city," said David Neil, CEO of Genesta.
Like all of Genesta's office properties, Mullvadsberget 29 is also strategically located close to public transport with only a couple of minutes’ walk to the metro at Zinkensdamm and Hornstull. The property, which was built in stages between 1959 and 1973, will also be upgraded from an environmental point of view and certified according to BREEAM in-Use with the ambition of level Excellent.
"With Mullvadsberget 29, we continue to turn brown buildings into green properties. Now, we continue to look for interesting investments in the office, logistics, residential and retail segments in Stockholm and in our other Nordic focus locations", commented David Neil.
