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JM Acquires Property at Brommaplan in Stockholm

Press release 6/8/2011 1:04 PM

JM is purchasing the property Pundet 1 at Brommaplan in Stockholm from Pandox AB. The property, which today houses Hotel Scandic Bromma, has a leasable area of 6,100 square meters. The deal amounts to SEK 125 million, of which SEK 27 million comprises a deferred tax liability. Possession and payment will take place at the end of June.

“This is an important piece of the puzzle for the renewal of Brommaplan,” says Zdravko Markovski, business unit manager at JM.

In December 2010 JM acquired two properties at Brommaplan with the aim of taking part in the development of a total solution for Brommaplan. JM plans to build a total of about 600 residential units and 14,000 m2for services and retail premises here. Construction on the new project is planned to begin in 2013 with occupancy beginning in 2016.

JM is one of the leading developers of housing and residential areas in the Nordic region.  Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM shall promote long-term quality and environmental management in all its operations. Our annual sales total approximately SEK 10 billion and the company has about 2,200 employees. JM AB is a public limited company listed on the NASDAQ OMX Stockholm, Mid Cap segment.