Genova Property Group AB (publ) has entered into new financing agreements with Swedbank AB (publ) for a total of SEK 3,200m, of which SEK 350m consists of a revolving credit facility. The new facilities relate to Genova's existing investment property portfolio and comprise a total of 43 properties. The refinancing also strengthens Genova's liquidity by almost SEK 170m. The new financing agreements will mature in May 2027, with an average maturity of approximately 4 years.
The new financing agreements are based on Genova's green framework and can be converted to green financing when investment properties become environmentally certified, which is in line with Genova's sustainability targets.
“The new financing agreements implicate that we are refinancing a significant part of our total loan volume, with a long maturity and on favorable terms that reduce Genova's total financing costs. The fact that we can carry out this successful refinancing in the current market situation is both pleasing and important for Genova. The business model with stable cash flows from our investment property portfolio gives us a good platform for attractive financing conditions, as well as our intensified work with environmental certification of both properties and projects that we develop for our own long-term management ", comments Michael Moschewitz, CEO of Genova.
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.
Genova – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se