The properties were acquired by Genova in 2018 and 2020 with a clear strategy to combine stable cash flows with active project development. In close dialogue with the municipality, Genova has created building rights with detailed plans expected to be adopted by 2026.

The purchase price amounts to approximately SEK 323 million. In connection with the entered agreement, Genova will receive a down payment of SEK 32 million. The book value of the properties as of December 31, 2024, was approximately SEK 303 million. The transaction will release liquidity of approximately SEK 175 million. The transfer is planned to occur when the detailed plans become legally effective.

"The transaction in Örnsberg is a clear example of how Genova's business model creates shareholder value by combining stable management with active project development. The properties were acquired in 2018 and 2020 with the aim of developing attractive building rights in Stockholm. Through this sale, we are realizing part of the significant surplus value in our building rights portfolio, strengthening our financial position, and freeing up capital for reinvestment in high-return properties – fully in line with our strategy," says Michael Moschewitz, CEO of Genova Property Group.

The properties are currently used for school activities and will undergo a transformation process in close collaboration with the City of Stockholm. New detailed plans for the properties are being developed and are expected to be adopted by 2026. This creates favorable conditions to meet the significant demand for new housing in an attractive and growing area, according to Obos.

"It is important to show courage and confidence in the future, even in times when the market is more cautious. With this acquisition, we are strengthening our presence in Stockholm and creating new opportunities for our members to buy a new home," says Sofia Ljungdahl, CEO of Obos Nya Hem.

"The ambition is for half of the homes to be offered through our home-buying model Obos Deläga, which makes it possible to buy a home with up to a 50 percent reduced down payment. In this way, we lower the barriers to the housing market and contribute to increased inclusion."

Summary of the divested properties

Properties: Instrumentet 2 and Örnsberg 2, Stockholm
Underlying property value at acquisition: SEK 255 million
Rental income: SEK 17.7 million
Leasable area: 8,158 square meters