Stockholm-based real estate investment manager Genesta has held a €334 million ($378 million) first closing for its third value-add fund, GNRE Fund III.
The funds were raised through eight capital commitments, which came from the eight investors who had also invested in the previous fund in the series, GNRE Fund II.
Fund III invests mainly in offices, logistics and retail in Nordic capital city regions and is targeting a 12 percent to 14 percent return. Fund II, launched in 2015, raised €373 million ($422 million) of equity.
Fund III is seeking additional capital commitments to reach its target of €450 million ($509 million).
