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Nordic fund holds first close

by Andrea Waitrovich

Genesta has held an initial close for the Genesta Nordic Real Estate Fund II, raising €152 million ($170 million) from four institutional investors.

The firm aims to raises between €350 million and €400 million ($393 million and $449 million) in equity commitments.

Genesta Nordic Real Estate Fund II will provide institutional investors with exposure to office, retail and logistics property investments predominantly in the region’s capital cities of Stockholm, Copenhagen, Helsinki and Oslo. The fund will pursue value-add investments and targets a net return to investors of 13 percent to 14 percent.

Genesta is the first manager in the Nordics to be approved as an AIFM (Alternative Investment Fund Manager), a legal requirement for managers of nonlisted real estate funds. As an AIFM in the real estate sector, Genesta is authorized to raise equity in all E.U. countries and manage nonlisted real estate funds.

Genesta Nordic Bal

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