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JM acquires property at Brommaplan in Stockholm

Press release 12/17/2010 1:00 PM

JM is acquiring two properties at Brommaplan in Stockholm with the aim of taking part in the development of a total solution for Brommaplan. The deal is worth SEK 170 million, including the possibility of future residential building rights. The acquisition takes place in a company with an underlying property value of SEK 140 million. JM will both take possession and pay the majority of the purchase sum today. Fabege is the seller.

The Stockholm City Development Administration has also decided to set aside land for JM on part of the adjacent property, Åkeshov 1:1. JM plans to build a total of about 600 residential units and 14,000 m2 for services and retail premises on these three properties.

“Brommaplan is one of Stockholm's most important hubs,” says Mikael Åslund, regional manager at JM. “That's why we are extremely pleased to participate, in cooperation with SL and the City of Stockholm, in the total solution for Brommaplan with residential units, a functioning public transport system and commercial facilities.”

The acquisition involves the properties Grammet 1 and Vävnaden 1. Construction on the new project is planned to begin in 2013 with occupancy beginning in 2016.