22 November 2016
Institutional real estate investment manager Bouwinvest has committed € 50 million to Scandinavian manager Genesta’s Fund GNREF II Fund (Genesta Nordic Real Estate Fund), which invests mainly in offices and retail in larger urban areas in Sweden, Norway, Denmark and Finland.
Stephen Tross, Bouwinvest Managing Director International Investments said: “The Nordic real estate markets are considered to be relative stable and benefit from positive long-term economic trends. This matches Bouwinvest’s international investment strategies. The Genesta fund’s value-add strategy of renovation, redevelopment and re-letting in core markets in the region is offering us attractive risk-adjusted returns in a very competitive environment.”
(Photo: Dronning Mauds gate 15_Oslo)
Genesta’s GNREF II is a closed end fund with an investment duration of seven to nine years and a target volume of € 500 to € 700 million. The fund has completed its first acquisitions in Oslo and Helsinki.
Cathelijne Martin, Bouwinvest Regional Manager Europe said: "Bouwinvest has a good working partnership with Genesta and we are confident they will deliver on the GNREF II Fund’s strategy on the basis of their strong investment track record and these first four transactions.”
This latest commitment raises Bouwinvest’s total investment allocation to European markets outside of its domestic base in the Netherlands, to over € 1 billion.