Genesta, acting on behalf of its new GNRE Core Plus fund, has acquired two assets - an office property in Solna, Stockholm and a retail park in Jonkoping - for a combined value exceeding €100m. GNRE Core Plus has a target return of 7-8% net to investors and aims to deliver a dividend return of 4% annually. DC Placement Advisors acted as the exclusive advisor for Genesta on the raise of the capital.
Talking about the office property Styckjunkaren 3 - a 13,400m² multi-let office acquired from Profi Fastigheter - Genesta’s CEO, David Neil said: “We see great potential for rental growth in this location. The property enjoys immediate motorway access and ample parking places. Public transport is already good with a subway station only a short walk away, but will be exceptional with the construction of a new commuter train station at Huvudsta starting in 2021.”
“The 35,200m² retail park Solasen in Jonkoping acquired from Skandia Fastigheter is an established retail park in a growing region and its location and characteristics are perfectly aligned with our investment strategy. It is our opinion that Solasen will continue to be, together with Asecs, the most important retail destination in Jonkoping,” commented Neil.
