Urban Partners and Genova join forces on Stockholm urban development

Urban Partners and Genova Property Group are teaming up again, this time for the initial stage of the Viby urban development in Upplands-Bro, just north of Stockholm.

Viby, Upplands Bro

This first phase of the project, valued at about €33.5 mln and expected to close by 31 March 2026, will see both companies owning an equal 50% stake. They plan to build around 300 homes, along with various services and public facilities, covering roughly 40,000 m2. This is part of a much larger plan to construct about 850 residential units in total.

The Viby project aims to transform a currently underused area into a vibrant new district. It will offer a blend of housing, services, and public spaces, all conveniently located near existing neighbourhoods, job centres, and natural areas, setting the stage for a long-term, sustainable community.

The first phase encompasses ten properties and the development of approximately 40,000 m2 of gross floor area. The handover is scheduled for 31 March 2026. Urban Partners, with whom Genova already collaborates on other projects in Norrtälje, also has an option to acquire 50% of the remaining two phases of the Viby project.

Genova originally acquired the Viby 19:3 property in 2014 for an underlying value of SEK 45 mln (€4.0 mln). The project will unfold in three stages, with construction on the first blocks beginning in May 2025. This initial stage includes approximately 300 residential units, a Hemköp grocery store, a Raoul Wallenberg elementary school, and a sports centre. Completion of the first stage is anticipated between 2027 and 2028.

Carl-Adam von Schéele, head of Sweden at Urban Partners, said: “This latest project in Viby marks further progression of our partnership with Genova, with strong potential to unlock the area’s full value through active development and close collaboration. It reflects our long-term commitment to combining capital with deep expertise in urban regeneration to deliver high-quality, sustainable development over time, while playing a leading role in advancing an ambitious vision that will contribute meaningfully to the continued growth of the wider Stockholm market.”

Michael Moschewitz, CEO of Genova Property Group, added: “We are pleased to expand our collaboration with Urban Partners to Viby, with a focus on developing attractive and sustainable housing and community services. Through this transaction, we continue to execute our strategy of developing building rights with low entry costs and, together with a strong capital partner, delivering urban development projects with clear profitability.”