Genesta, acting on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II), has divested its holding in the Oslo office property Dronning Mauds gate 15 to Carnegie Norway, acting for Nordea Liv. GNRE Fund II purchased the CBD asset in 2016 when it was about 50% vacant. Under Genesta’s management, the building has undergone a large-scale refurbishment and rebranding to appeal to tenants looking for an A-Grade property and was achieved BREEAM certification. Today it is fully let to, amongst others, Malling & Co and the law firm Glittertind AS. The purchase price was not disclosed.
“The disposal showcases the success of our strategy – in 2016 we set out to create an income-producing product for institutional investors and I am happy to see it succeed. During our ownership about 95% of the leasable area was let or renegotiated in about half of the time we estimated it would take”, commented Genesta’s CEO David Neil.
“The acquisition is fully in line with Nordea Liv’s investment profile, targeting the CBD office segment with high-quality characteristics representative for long term ownership,” said Fredrik Bo, Head of Project Finance in Carnegie Norway.