Genesta sells prime office in Copenhagen for €190m

Nordic fund and investment manager Genesta has sold a prime office building in central Copenhagen to listed Swedish company Klövern for DKK 1,420 mln (€190 mln).

The 31,700 m2 property, Kalvebod Brygge 32, was held by the Genesta Nordic Real Estate Fund II (GNRE Fund II).  When Genesta acquired it in February 2018, it was fully vacant. The building is now fully let with law firm Kammeradvokaten as the main tenant.

The property is currently being refurbished to meet new tenants’ demands. When complete, it will include modern premises, a new façade and a rooftop terrace.

‘The unique characteristics and the central location of Kalvebod Brygge 32 suits our funds’ investment strategy perfectly. This project showcases why the Copenhagen office market is, and will continue to be, a key market for our funds,’ said Genesta’s CEO David Neil.

‘We look forward to welcoming our new tenants to modern and flexible premises in a very central location. This acquisition complements our portfolio in Copenhagen in a fantastic way,’ commented Rutger Arnhult, CEO of Klövern.

Genesta was advised by Revco, Gorrisen Federspiel and Colliers.

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