Through their jointly owned venture, Genova and Redito have agreed to sell the properties Gredelby 21:1 and Gredelby 21:6 in central Knivsta at an underlying property value of SEK 875 million, before deduction of deferred tax, corresponding to approximately SEK 49,000 per square metre. The sale price exceeds the carrying values. The transaction strengthens Genova’s liquidity by approximately SEK 120 million.

The properties were acquired in 2017 for an underlying value of SEK 38 million. Detailed zoning processes enabled the development of residential property rights, and zoning approval was obtained in late 2020, permitting approximately 25,000 square metres of residential GFA at an entry cost of about SEK 1,500 per square metre. Since then, 284 rental apartments have been developed with ground-floor commercial premises and two garages. The properties are environmentally certified with a strong sustainability profile and generate a total annual rental value of approximately SEK 48 million.

Gredelby 21:1 was completed in 2023 and is fully leased, comprising approximately 8,000 square metres of lettable area with 133 apartments, retail space at ground level, and a garage.

Gredelby 21:6 is scheduled for completion in early December 2025 and comprises 151 rental apartments with ground-floor commercial premises, approximately 9,900 square metres of lettable area, and a garage. Transfer of ownership is planned for 15 December 2025.

“This transaction illustrates Genova’s strategy of creating value through zoning and project development of wholly owned and jointly owned assets. Together with Redito, we have developed two vibrant residential blocks at highly competitive entry values. The transaction strengthens our balance sheet and releases capital tied up in low-yielding assets, enabling future investments,” comments Michael Moschewitz, CEO of Genova Property Group.

“In partnership with Genova, we have delivered residential environments that contribute positively to the development of central Knivsta while generating significant value in line with Redito’s investment strategy,” says Jan Björk, Founder and Partner at Redito.

“We are very pleased to complete this acquisition, our fourth transaction this year for Acer Bostad. The property aligns perfectly with our portfolio strategy and meets our high sustainability requirements. The location is optimal, directly adjacent to retail, services, and the railway platform – just 25 minutes to Stockholm Central Station and ten minutes to Uppsala, with convenient access to Arlanda Airport,” says Samir Taha, CEO of Gordion and operating partner to Acer Bostad.

JLL Capital Markets and Kanter Advokatbyrå acted as advisors to Genova and Redito.