Genova Property Group expands Stockholm footprint

Genova Property Group has finalised an agreement to purchase an eight-property real estate portfolio in the Stockholm region from private firms Landia and Landera.

Michael Moschewitz

The transaction is based on an underlying property value of SEK 673 mln (€58.6 mln), while the net purchase price is SEK 634 mln (€55.2 mln).

This acquisition, which follows a letter of intent signed with Landia in October 2025, represents approximately 6% of Genova's total book value as of 31 March 2026. Strategically, the deal is expected to increase Genova's income from property management per share by roughly 15%, thereby accelerating long-term net asset value (NAV) growth.

The acquisition will be financed through a combination of bank loans, existing cash reserves, and a directed share issue valued at approximately SEK 124 mln (€10.8 mln).

Following the completion of the share transfer, Landia's ownership stake in Genova will increase from 2.8% to approximately 6.2%. Landia has agreed to a 12-month lock-up period, restricting the sale of these new shares from the closing date.

The acquired portfolio consists of eight commercial properties situated adjacent to Genova's current asset base in the Stockholm area. The portfolio is fully occupied, totalling 19,000 m² of lettable area with a stable WALT of approximately seven years. The tenant mix is diversified across grocery retail, healthcare, community infrastructure, offices, industry, and logistics. The portfolio generates an annual rental value of SEK 41 mln (€3.6 mln), with an estimated net operating income (NOI) of SEK 36 mln (€3.1 mln), reflecting an initial yield of roughly 6%.

The completion of the acquisition is conditional upon standard Foreign Direct Investment (FDI) clearance. The main closing for seven of the properties is scheduled for 1 September 2026. The closing for the final property, Gustavsberg 1:468, is set for December 2026, pending the completion of specific tenant renovations.

Michael Moschewitz, CEO of Genova Property Group, commented: "We are acquiring an additional portfolio of attractive properties with stable cash flows in the Stockholm region. With substantial investments completed and a well-diversified tenant base under long-term leases, the transaction is in line with Genova’s strategy to strengthen earnings and increase income from property management per share. We are glad that Landia are increasing its ownership stake and continues to be a dedicated and long-term owner in the company.”