Genova acquired the properties in 2016 at an underlying property value of SEK 40m and immediately began planning activities to enable the construction of apartments. At the end of 2019, the zoning plan became legally binding and Genova has since developed a retirement home and residential care facility, a preschool, two garages and 408 rental apartments with investment support, of which 246 are under ongoing construction.

The properties are environmentally certified with a strong sustainability profile and have a total rental value of approximately SEK 61m, where Genova estimates a healthy rental growth in the coming years as a result of the rental apartments being built with investment support, which offers conditions for continued value creation. Genova will remain with the operational responsibility for the properties and companies via a management agreement.

Journalisten 1 was completed in 2023 and is fully let with a lettable area of approximately 16,000 square meters and consists of 162 rental apartments with investment support, a retirement home and residential care facility with 80 apartments, a preschool with capacity for 125 children, and a garage. The transaction is conditional on certain financing reservations. Closing for Journalisten 1 is planned to take place in June 2024.

Handelsmannen 1 will be completed at the end of 2024 and will consist of 246 rental apartments with investment support and a lettable area of approximately 12,800 square meters, and a garage. Closing for Handelsmannen 1 is estimated to take place during the first quarter of 2025.

"We have developed these former industry properties into new vibrant residential quarters in central Norrtälje. Now we are taking the next step by partially divesting the project and at the same time starting a strategic collaboration with Nrep for the further development of the properties. This transaction strengthens Genova's balance sheet and liquidity and also enables future investments", comments Michael Moschewitz, CEO of Genova Property Group.

"We are happy to start this collaboration with Genova, which has developed attractive and sustainable properties with apartments at reasonable rents as well as a modern retirement home and residential care facility combined with a preschool. It is entirely in accordance with our strategy to work together with long-term partners in residential and community properties in a fine growth municipality", comments Carl Adam von Schéele, Head of Sweden, Nrep.

For further information, please contact:
CEO, Michael Moschewitz, mobile +46 (0)70-713 69 39, michael.moschewitz@genova.se

This information is such information that Genova Property Group AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 10 June 2024 at 8:30 p.m. CEST.

About Genova
Genova Property Group AB (publ) is a modern property company with a personal touch that owns, manages and develops properties with focus on Greater Stockholm area and Uppsala Region. On 31 March 2023, the value of the company's property portfolio amounted to approximately SEK 10.2 billion with a lettable area of approximately 369,000 sqm and the company held approximately 9,200 building rights for residential units. Genova's share has been listed on Nasdaq Stockholm since 2020.

Genova - Smålandsgatan 12 - 111 46 Stockholm - www.genova.se