Swedish real estate company Genova Property Group has issued new unsecured green bonds worth SEK 450 mln (€39 mln).
The green bonds were issued under a total framework of SEK 650 mln (€57 mln), with a floating interest rate of 3-month Stibor plus 415 basis points and a maturity date of November 2027.
Genova plans to list these bonds on the sustainable bond list of Nasdaq Stockholm.
Danske Bank and Swedbank acted as arrangers and joint bookrunners for the green bond issuance. Swedbank also served as the sole structuring advisor for Genova's green finance framework. Gernandt & Danielsson provided legal advice.
The latest bond issue comes after Genova issued convertible bonds in March, improving liquidity by SEK 200 mln (€17.6 mln). In April, it issued SEK 150 mln (€13.2 mln) in green bonds and repurchased hybrid bonds at a discounted price of approximately SEK 160 mln (€14 mln)
At the end of the first half of 2024, Genova sold a portion of two properties in Norrtälje to a new joint venture with Nrep for SEK 1.3 bn (€114 mln), as well as three warehouse and industrial properties in Uppsala and Upplands-Bro for SEK 121 mln (€10.6 mln).
The company is progressing with its rental apartment projects in Norrtälje, Knivsta, Enköping, and Upplands-Bro, along with the construction of Apotea's new central warehouse. In the first half of 2024, it completed 77 rental apartments in Norrtälje, while nearly 320 more rental apartments will be finished in the second half.
Genova Property Group owns, manages, and develops properties in the Greater Stockholm and Uppsala regions. As of 30 June 2024, the company's property portfolio was valued at approximately SEK 9.5 bn (€836 mln) with a lettable area of approximately 340,000 m2 and held approximately 9,344 building rights for residential units.
