SBB and Genova divest building rights in Nacka Strand

Samhällsbyggnadsbolaget i Norden AB (“SBB”) and Genova have, through their joint venture, agreed to divest building rights in Nacka Strand of approximately 8,800 square meters of Light Gross Floor Area to Besqab. The detailed development plan is expected to be adopted in 2026 and relates to part of the property Nacka Sicklaön 13:24. The purchase price amounts to a total of approximately SEK 194 million, of which approximately SEK 44 million relates to development costs. The deal includes 75 parking spaces in the existing garage facility.

The book value of the building rights as of September 30, 2024 was approximately SEK 125 million, which corresponds to approximately SEK 14,000 per square meter of Light Gross Floor Area. The transaction is expected to have a positive effect on earnings of at least SEK 30 million as well as increased liquidity for the jointly owned company. The transaction is made in corporatized form and the exit is planned to take place in connection with the zoning plan gaining legal force.

"The sale is in line with SBB's strategy to develop and realize our building rights portfolio. The collaboration with Genova continues with the aim of developing attractive building rights in Nacka Strand", comments Krister Karlsson, Deputy CEO of SBB.

SBB and Genova started the cooperation in Nacka Strand in 2020 and have since then developed building rights in the area. After the divestment, the jointly owned company, which is owned 50 percent each, holds building rights in various stages of approximately 25,000 sqm Light Gross Floor Area.

For further information, please contact:
Krister Karlsson, Deputy CEO, press@sbbnorden.se

Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm, Large Cap. Further information about SBB is available at www.sbbnorden.se.