The Board of Directors of Genova Property Group AB (publ) has established a complementary growth target for the business as well as sustainability targets.
The operational targets have been complemented with a growth target that states that Genova by the end of 2025 will have a property value of SEK 20 billion. The company’s other operational targets, financial targets, risk limits and dividend policy are unchanged.
As part of Genova’s increased sustainability focus, the Board has set sustainability targets for the business. One of the sustainability targets pertains to environmental certification of all newly produced properties as well as the investment properties that are owned in the long-term and which are not included in planned project development. Certification is an important tool for creating long-term management with clear target focus, which can contribute to improving the properties’ environmental performance.
In 2020, Genova produced a green financial framework that forms the basis for how the proceeds from green loans may be used. In parallel with the environmental certification of the properties, the goal is to finance new production and long-term owned investment properties green.
Genova will join the Science Based Target and by the end of 2023 set ambitious and scientific climate targets in order to reach the Paris Agreement’s goal of limiting global warming to 1.5 degrees.
The operational and financial targets as well as the sustainability targets are based on Genova’s business plan with the overall goal of creating value for the company’s shareholders. Value creation is measured over a business cycle as growth in both long-term net asset value and income from property management per ordinary share.
Operational target
- At the end of 2025, the value of the property portfolio shall amount to SEK 20 billion.
Sustainability targets
- All new production shall be environmentally certified. In addition, all investment properties that are owned and managed in the long-term shall be environmentally certified until the end of 2023.
- The share of green financing regarding new production and investment properties shall amount to 85 percent by the end of 2023.
For further information, please contact:
CEO, Michael Moschewitz, mobile +46 (0)70-713 69 39, michael.moschewitz@genova.se
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 December 2021, the value of the company’s property portfolio amounted to approximately SEK 8.0 billion with a lettable area of approximately 267,000 sqm and the company held approximately 7,000 building rights for residential units. Genova’s ordinary shares have been listed on Nasdaq Stockholm since June 2020.
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 persons set out above, on 23 February 2022 at 8.15 a.m. CET.
Genova – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se