Real estate investment manager Genesta has agreed to acquire the Svea Artilleri 10 & 11 office properties in the Swedish capital on behalf of the Genesta Nordic Real Estate Fund II (GNRE Fund II) from AFA Fastigheter.
Financial details were not disclosed.
The assets provide a total of 12,800 m2 and are let to Universitetskanslersämbetet and Thoren Innovation School.
'During our ownership we will re-brand and upgrade the property to make sure it meets the high expectations of today’s tenants. This is GNRE Fund II’s tenth acquisition and we will continue to acquire value add properties throughout the Nordics,' said Genesta’s CEO David Neil.
GNRE Fund II focuses on value-add investments in Stockholm, Copenhagen, Helsinki and Oslo. The fund has €373 mln of committed capital from 12 institutional investors.
Roschier acted as Genesta’s legal advisor during the transaction.