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JM Acquires Property Close to the Waterfront in Gåshaga on Lidingö

Press release 12/22/2010 4:00 PM

JM is acquiring half of the property Lyftkranen 3 in Gåshaga on Lidingö with the intention of developing about 250 building rights for residential units in the future.

Bonver Videodata AB is the seller. The deal is worth SEK 219 million, with SEK 115 million to be paid during the period December 2010 to January 2011. The remainder of the deal will be settled when the local plan is rezoned for housing.

The 28,000 m2 property currently includes offices and warehouse facilities.

The seller will retain 50-percent ownership of the property and will continue to be a tenant.

JM also received an option to acquire the remaining 50 percent of the property when it is rezoned for residential use.

“We know there is a huge demand for housing in Lidingö – especially following our sales success in the Dalénum area where construction recently began,” says Zdravko Markovski, business unit manager for JM Residential Stockholm. “That's why we are extremely pleased that this deal will provide us with a good future opportunity to continue to develop attractive residential areas here.”