Nordea Liv acquires Olso office from Genesta

Nordic asset manager Carnegie Norway has acquired an office property in central Oslo from Nordic real estate fund manager Genesta.

Financial details were not disclosed.

The CBD office property Dronning Mauds, gate 15, was purchased on behalf of Nordea Liv from the Genesta Nordic Real Estate Fund II (GNRE Fund II).

'The acquisition is fully in line with Nordea Liv’s investment profile, targeting the CBD office segment with high quality characteristics representative for a long term ownership.' said Fredrik Bø, head of project finance at Carnegie Norway.

GNRE Fund II acquired the property located in central Oslo in 2016 when it was about 50% vacant. Under Genesta’s management the property has undergone a large-scale refurbishment, according to the firm. Today the property is fully let to, amongst others, Malling & Co and the law firm Glittertind. The property has been environmentally certified to BREEAM standards.

'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 leaseable area was let or renegotiated in about half of the time we estimated it would take,' said Genesta’s CEO David Neil.

Genesta was advised by Pangea Property Partners and Selmer.

Carnegie Norway was advised by Haavind.


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