Genesta sells the office property Svea Artilleri in central Stockholm on behalf of its fund GNRE Fund II. The approximately 13,300 square meter building on Löjtnantsgatan 17-25 was acquired in May 2018 and the property has since undergone extensive renovation and expanded with 700 square meters.
"We have refurbished the building and signed new leases with several tenants. Svea Artilleri has been transformed from a typical building from the 1990s to an attractive and sustainable office property with modern services," says Genesta’s CEO David Neil.
The renovation plan has been developed in line with Genesta’s sustainability strategy of transforming assets from “brown to green”. It includes, among other things, a full replacement of the mechanical ventilation and cooling systems. The transformation ensures improved indoor conditions and reduces energy consumption to lower climate impact.
The property has been expanded with approximately 700 square meters of lettable area and new bigger entrances with lobby and reception.
"We are proud with how the building has been upgraded during our hold. I especially want to highlight the improved floor plan that together with the additional square meters and the new entrances has given the property a visible lift, more daylight, and a modern look and feel," says Allan Strand Olesen, Gestesta's Chief Investment Officer.
The property has been rebuilt to be able to achieve BREEAM In-Use Excellent.
CBRE and Gernandt & Danielsson advised Genesta in the transaction.