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JM Sells Magasin 3 on Kvarnholmen in Nacka

Press release 12/1/2010 1:19 PM

Today JM is selling an existing property, Magasin 3, on Kvarnholmen consisting of a total of about 8,500 m2 GFA. Capital gains of SEK 20 million will be reported in Q4 2010 within JM Residential Stockholm. The buyer is Einar Mattsson Projekt AB.

Magasin 3, an older warehouse with attractive brick siding, is zoned residential in the local plan. The sale is in line with JM's project development strategy to focus on new production of housing.

Kvarnholmen is a brand new neighborhood in an attractive part of Nacka at the entrance to Stockholm. Kvarnholmen is jointly owned and under development by JM and KF Fastigheter. Plans include over 300,000 m2 of housing and workplaces, with a total of approximately 2,100 homes. The first residents are expected to move in during the winter of 2011/2012.

“We are pleased that the property will be further developed by a recognized player on the housing market,” says Johan Skoglund, President and CEO of JM AB.

For more information about Kvarnholmen see www.kvarnholmen.com (http://www.kvarnholmen.com/)