"This investment successfully signifies the opportunities that lies ahead also in a slower market. It supports our goal to create long term value with a robust, high-quality, and sustainable core plus portfolio across the Nordics. The transaction makes me proud of the team," says David Neil, CEO of Genesta.

With Genesta's hands-on approach the building will be upgraded to be fully EU taxonomy aligned, securing long-term value for the fund by being at the forefront in adapting to new rules and stakeholder expectations.

"Improving our properties and lowering their climate footprint is the pathway to reduce the climate impact of our funds. At the same time we help our tenants reach their own sustainability goals. As a first step a sizeable solar panel installation is planned," says David Neil.

A carbon risk assessment has been performed with the CRREM tool to identify the stranding risk of the asset. It will be used to devise a long-term action plan for improving energy efficiency and reducing the carbon footprint of the building. The ambition is to achieve a BREEAM In-use certification level of “Very Good”.

"There is great potential in this investment. For us it is time to invest, and we continue looking for assets in established and strong locations in the Nordics for our Value-Add and Core Plus Open Ended funds. We would like to thank the vendor and their advisor, Catella, for a very smooth process," says Antti Laine, Transaction project leader Genesta.

Roschier, Svalner, Ramboll, and RED Management were Genesta's advisers during the acquisitions.