Genesta is pleased to announce the sale of the office property Atomitie 5 located in Helsinki on behalf of Genesta’s fund GNBRE (Genesta Nordic Baltic Real Estate). The property was acquired by Areim Fund III.
Atomitie 5 is located in the Pitäjänmäki area in western Helsinki, close to the Valimo railway station. During Genesta’s ownership the property has been refurbished and today it is a modern office property supported by on-site catering and conference center services.
“The divestment of Atomitie 5 is yet another contribution to our outperforming pan Nordic fund. Through our local expertise and hands on asset management the fund’s institutional investors have enjoyed returns significantly exceeding its benchmark. We are looking forward to doing similar projects going forward“, comments Genesta’s CEO David Neil. Genesta’s new value add fund, Genesta Nordic Real Estate Fund II (GNRE Fund II) following the successful strategy of its predecessor, is currently being invested and has thus far acquired five properties.
The fund had its final closing during the autumn and has €373m of capital committed from twelve institutional investors. The fund’s strategy is to provide institutional investors with access to value add property investments in Sweden, Norway, Finland and Denmark.
