JLL advises Genesta on the sale of office property Antinkatu 1 in Helsinki
Genesta sells the property on behalf of Genesta Nordic Real Estate Fund II (GNRE Fund II) to Schroders.
The property is located in the Kamppi district of central Helsinki. Constructed in 1950, it comprises approximately 11,230 sqm of lettable area. Genesta acquired the property in December 2015 and during the company's ownership the building has been extensively refurbished. The NOI of the property increased by 40% and about 75% of the premises were re-let. Today the property is almost fully leased to amongst others, Fraktio, Wolt Enterprises, and Nordcloud.
Antinkatu 1 was the first property (together with Bulevardi 21) we acquired on behalf of 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, comments Genesta's CEO David Neil.
Christian Hohenthal, Head of Capital Markets JLL Finland, said: "We are pleased to have been able to successfully assist Genesta in the sale of this asset. 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. The strong market momentum and the high quality of the asset enabled us to organize a structured sales process that achieved a highly satisfactory result for our client."
JLL acted as Genesta's sole commercial advisor in the transaction, Aleksandra Attorneys acted as legal adviser.
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