Genesta, acting on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II), has sold the office property Antinkatu 1 in Helsinki, Finland to Schroder Nordic Real Estate Fund. The 11,230m² asset was acquired in December 2015 and has since been extensively refurbished. The NOI of the property increased by 40% and about 75% of the premises were re-let during Genesta’s ownership. Today the building is almost fully leased to a mix of tenants including Fraktio, Wolt Enterprises, and Nordcloud. The purchase price was not disclosed.
"Antinkatu 1 was the first property (together with Bulevardi 21) we acquired on behalf of GNRE Fund II. The strong exit shows that the fund’s investment strategy and Genesta’s proactive hands-on asset management will deliver a strong return for our investors," commented Genesta’s CEO David Neil. Aleksandra Attorneys and JLL advised Genesta during the transaction.
