The bonds received strong interest among institutional investors in the Nordic capital markets, which resulted in an upsize in the issue volume from SEK 500 million to SEK 525 million. The bonds were issued under a total framework of SEK 750 million and will have a 4-year tenor with floating interest rate of Stibor 3m + 5.25%. The issue date is set to 30 September 2019. The net proceeds from the issuer will in part be used to repay Genova’s currently outstanding bonds and for general corporate purposes including acquisitions and value-add investments.
Genova Property Group was founded in 2006 and owns, manages and develops properties primarily in Stockholm and Uppsala. The Company is active in the entire real estate investment cycle, ranging from acquisitions, to development and property management. Its property portfolio is valued at SEK 2.7bn and it has 5,292 building rights, primarily rentals. Since December 2015 Genova has a listed preference share on Nasdaq First North Premier.
Carnegie acted as joint bookrunner in the transaction.