Genova and Redito divest residential properties for €77m

Genova and Redito, through their joint venture, have agreed to sell two newly constructed residential properties in central Knivsta, Sweden, for SEK 875 mln (€77.5 mln). 

Genova

This sale, which exceeds the book value, will boost Genova's liquidity by around SEK 120 mln (€10.6 mln). 
The buyer is Hyresfastighetsbolaget Acer Bostad, a joint venture focused on residential investments in Stockholm, owned by Ontario Teachers' Pension Plan and Gordion.
The properties, Gredelby 21:1 and Gredelby 21:6, were originally acquired by Genova and Redito in 2017 for SEK 38 mln (€3.4 mln). After extensive planning, a detailed plan was finalised in late 2020, allowing for 25,000 m2 of rentable area. Since then, they have developed 284 rental homes with ground-floor commercial spaces and two garages, all with strong environmental certifications. The combined rental value for both properties is approximately SEK 48 mln (€4.2 mln).
Gredelby 21:1, completed in 2023, is fully leased and comprises 133 homes and commercial premises across 8,000 m2, plus a garage. Gredelby 21:6, set for completion in early December 2025, will offer 151 homes and ground-floor premises within approximately 9,900 m2, along with a garage. The final handover for the sale is scheduled for 15 December 2025.
Michael Moschewitz, CEO of Genova Property Group, said: "The deal illustrates Genova's strategy to create value by pursuing detailed plans for own and jointly owned properties. In central Knivsta, we have developed building rights together with Redito at low initial values and, through profitable project development, built two vibrant residential neighbourhoods. The deal strengthens Genova's balance sheet and frees up significant liquidity that is currently tied up in low-yielding assets, which enables future investments." 
Jan Björk, founder and partner in Redito, commented: "Together with Genova, we have developed homes and environments that contribute positively to the centre of Knivsta. At the same time, we have created significant value through efficient building rights and project development, fully in line with Redito's investment strategy." 
Samir Taha, CEO of Gordion, operating partner of Acer Bostad, added: “We are very pleased to complete this acquisition, our fourth transaction this year for Acer Bostad. The property has several characteristics that make it a great fit for the portfolio we are building and should ensure continued strong demand from tenants. It is a very attractive, well-designed and developed property that also meets our high sustainability ambitions. The location is optimal in Knivsta, with all available services at the square in immediate proximity to the property and the platform literally outside the door – only 25 minutes to Stockholm Central Station and 10 minutes to Uppsala, and close to Arlanda.” 
JLL Capital Markets and Kanter Advokatbyrå advised Genova and Redito.