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JM Sells Housing Project to Stiftelsen Arbetarebostadsfonden

Press release 11/5/2009 12:29 PM

Today JM signed an agreement with Stiftelsen Arbetarebostadsfonden to sell the Skogsalmen housing project in Långbro Park, Stockholm. The project includes 62 apartments and a garage.

“The deal with Stiftelsen Arbetarebostadsfonden is yet another step in JM's development of the popular Långbro Park neighborhood,” says Per Vennerström, regional manager at JM. “It provides a good mix of housing types in the area.”

The deal is worth SEK 133 million and will be reported on the income statement over the course of 2010/2011. Construction start is planned for May 2010 on condition that building permits are obtained.

“This agreement is well in line with the foundation's by-laws and intentions. We are pleased that our initiative will increase the number of rental apartments built in Stockholm,” says Catarina Johansson Nyman, director of Stiftelsen Arbetarebostadsfonden. “It's particularly exciting to be able to offer apartments in an area as attractive as Långbro Park.”

The homes will be available through the housing office in Stockholm.

Stiftelsen Arbetarebostadsfonden was founded in 1853 and is one of the oldest housing foundations in Sweden. The foundation owns and manages 1,350 apartments in downtown and West Stockholm.