Genova owns 51 percent of the shares in Järngrinden since the end of 2022 and consolidates the company in the group. By exercising the call options Genova will own 100 percent of Järngrinden from the second half of 2029. The acquisition occurs as a natural step in Genova’s continued expansion in growth regions within strong segments such as logistics, light industrial and residential properties.

Järngrinden has shown strong profitable growth since Genova's initial acquisition. In 2025, net operating income amounted to SEK 79 million and profit after tax to SEK 92 million, compared with net operating income of SEK 13 million and profit after tax of SEK 31 million for 2022. With a strong balance sheet, a high-quality development portfolio and strong cash flows, Järngrinden is well positioned for continued profitable growth that strengthens Genova's earnings per share over the long term. Against this background Genova considers the time to be right to acquire remaining shares in Järngrinden.

“We look forward to continuing to develop Järngrinden’s strong business in Western Sweden as a wholly owned subsidiary. Järngrinden has grown significantly since becoming part of the Genova group and has a strong foundation for continued profitable growth. The acquisition further strengthens our position in attractive growth regions, creates opportunities for increased earnings per share and enhances transparency in the property portfolio”, comments Michael Moschewitz, CEO of Genova.

“Genova joined Järngrinden as co-owner already in 2021, when the company was wholly owned by me, and became the majority shareholder the following year. Together with Genova, we have developed the business successfully, evolving from a pure residential property developer into a company operating across three business areas comprising property management, project development and logistics properties. Genova’s acquisition of the remaining shares in Järngrinden in stages from 2027 to 2029 I see as a sound and logical next step. I will continue to focus on Järngrinden and my role as Business Developer through 2029, working to ensure the company’s stable and profitable development”, comments Patrik Ivarsson, co-owner and founder of Järngrinden.

Acquisition of 24.5 percent of the shares takes place during the first half of 2027 and the remaining 24.5 percent during the first half of 2029. The purchase price will be determined based on the audited annual reports for 2026 and 2028, respectively. Based on the current forecasts for Järngrinden’s financial position, the purchase price is expected to amount to SEK 378 million at the first closing and SEK 411 million at the second closing. At the end of the second quarter 2026 the book value on the minority share in Järngrinden amounted to SEK 733 million.