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JM acquiring large property in a top location in Liljeholmen, Stockholm

Press release 10/8/2014 9:00 AM

JM has signed an agreement with AMF Fastigheter to acquire the Marievik 15 property in Liljeholmen, Stockholm. The transaction amounts to SEK 815m with occupancy and the bulk of payment planned for Q1 2015.

In 2012, AMF Fastigheter started the local planning that is underway for the development of approximately 500 residential units and commercial premises. Production can start as soon as the local plan has come into legal force, which will probably be at the end of 2015 or beginning of 2016. The proposed plan comprises seven buildings of varying heights up to 35 floors, with an open square between the buildings. A large proportion of the residential units will have a view over Tantolunden, the water and Södermalm. The very top floors will have a panorama view over downtown Stockholm.

There is currently a 40,000 m2 office building on the property that will be torn down.

"It is very gratifying to expand our building rights portfolio with building rights for one of Stockholm's absolutely best locations. The project is going to become part of Stockholm's skyline, and it is unique in terms of its fantastic location close both to water and the downtown area and its innovative architecture. The acquisition is completely in line with JM’s strategy to build attractive housing in popular locations," says Mikael Åslund, regional manager for JM Residential.

"I am also happy that JM will continue developing Liljeholmen and Marievik, where we have built 2,500 residential units the past few years and are now expanding our portfolio with this project located right next to Södermalm," continues Mikael Åslund.

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 13 billion and the company has about 2,200 employees. JM AB is a public limited company listed on the NASDAQ OMX Stockholm, Large Cap segment.