Genova acquires €107b Stockholm property portfolio

Genova Property Group is set to acquire a portfolio of properties in the Stockholm region for roughly SEK 1.2 bn (€106.8 mln).

This will involve two separate deals: an immediate acquisition of five properties for SEK 634 mln (€56.4 mln), and a letter of intent for an additional three properties valued at SEK 600 mln (€53.4 mln). Both acquisitions are from the private property company, Landia.
The initial SEK 634 mln (€56.4 mln) acquisition is being financed through a mix of bank loans, existing cash, and a new issue of Genova shares to Landia worth about SEK 101 mln (€9 mln). These 1,362,300 new shares are priced at SEK 74.14 each, a significant premium compared to recent market prices. This move is expected to boost Genova's income per share by approximately 20% and contribute to long-term asset value growth.
The five acquired properties, located in Solna, Österåker, Stockholm, and Knivsta, have a leasable area of around 17,000 m2. They generate rental income from various sectors, including life science, hotels, community services, offices, and warehouses. These properties boast a 99% occupancy rate and an average remaining lease term of 11 years, with an annual rental value of SEK 38 mln (€3.4 mln) and an initial yield of about 6%. The deal is expected to close in December 2025, pending FDI approval.
The new share issue will increase Genova's equity and, if the Board decides, could be used to settle outstanding hybrid bonds in March 2026. After the new issue, Landia will hold approximately 3% of Genova's shares and has agreed to a 12-month lock-up period, preventing them from selling these shares.
Michael Moschewitz, CEO of Genova Property Group, commented: "These acquisitions are fully in line with Genova's strategy to increase income from property management per share and create long-term value for our shareholders through value-creating transactions. With the acquired portfolio, Genova is growing in its core markets in attractive locations with stable tenants and long remaining lease terms while maintaining a stable balance sheet. We also welcome Landia as a new significant shareholder in Genova."
Genova has also signed a letter of intent with Landia for a separate, additional acquisition. This deal involves three more properties in the Stockholm region, valued at roughly SEK 600 mln (€53.4 mln). These properties have a combined leasable area of about 15,000 m2 and an estimated annual rental value of SEK 40 mln (€3.6 mln). Genova aims to finalize the acquisition agreement in the first quarter of 2026, after current lease negotiations and projects are completed, with the transaction expected to close in the second quarter of 2026. This add-on acquisition will also be partially financed by issuing new Genova shares to Landia.