Genova acquires eight properties in Stockholm region for SEK 673 million
Genova Property Group AB has agreed to acquire eight properties in the Stockholm region for SEK 673 million. The transaction is expected to increase management income per share by approximately 15 percent.
Genova Property Group AB has entered into an agreement to acquire a portfolio of eight properties located in the Stockholm region. The underlying property value amounts to SEK 634 million before deduction of deferred tax.
The acquisition is anticipated to strengthen Genova's property management income per share by approximately 15 percent and establish conditions for further growth in long-term net asset value per share. The sellers are private property companies Landia and Landera. The acquisition from Landia pertains to a previously signed letter of intent for additional acquisitions.
The transaction will be financed partly through the transfer of repurchased shares and partly through a new issue of ordinary shares. The total transaction value, including transaction costs, is SEK 673 million.
Genova Property Group focuses on owning and managing residential and office properties in Swedish growth regions. This acquisition solidifies the company's presence in the Stockholm market.