Global investment manager Schroders has acquired an office property in Helsinki, Finland, from Nordic real estate fund manager Genesta.
Financial details were not disclosed.
Office property Antinkatu 1 in Helsinki was divested by Genesta Nordic Real Estate Fund II (GNRE Fund II). JLL advised the vendor.
'The property attracted strong investor interest, highlighting both the success of Genesta’s proactive asset management as well as the increasing attractiveness of Kamppi in the eyes of both local and international investors,' said Christian Hohenthal, head of capital markets JLL Finland.
Located in central Helsinki's Kamppi district, the 1950s-era property comprises 11,230 m2 of lettable area. Genesta acquired the property in December 2015 and refurbished the scheme to increase its net operating income by 40% and relet 75% of the premises. Today the property is almost fully leased to tenants including Fraktio, Wolt Enterprises, and Nordcloud.
Genesta said that Antinkatu 1 was the first property (together with Bulevardi 21) acquired on behalf of the 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,' said Genesta’s CEO David Neil.
JLL acted as Genesta’s sole commercial advisor in the transaction, Aleksandra Attorneys acted as Genesta's legal adviser.