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JM acquiring property in Kongahälla, Kungälv

Press release 9/21/2015 10:00 AM

The acquisition comprises two blocks with building rights for 260 dwellings. Construction on the first block is planned to start in December 2016.

The blocks, which form part of the properties Komarken 1:1, 1:9 and 1:10, are being acquired from the Municipality of Kungälv. Each block is expected to contain approximately 130 dwellings plus commercial premises on the ground floor. Around 900 dwellings and commercial premises for retailing, restaurants and a pre-school are planned in the Kongahälla area as a whole.

JM intends to help develop Kongahälla as an integrated part of Kungälv town center. This will be done in close cooperation with the Municipality of Kungälv and other developers.

“This acquisition in Kongahälla means we can maintain our longstanding presence in Kungälv and we look forward to continuing to be one of the leading lights in community development here. We look forward to getting started straightaway in creating a socially and environmentally sustainable district with a mix of residential homes and commercial premises. Kongahälla will be a vibrant and integrated part of the town and become a natural extension of Kungälv town center,” said Martin Svahn, Regional Manager, JM West Region.

The property is being purchased for SEK 37 million, not including street and planning costs. The majority of the acquisition will be paid in association with the granting of building permits for the respective blocks, which is assessed to be made in the period of 2016-2019.

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 emphasis 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 seeks to promote long-term quality and environmental considerations in all its operations. Annual sales total approximately SEK 15 billion and the company has about 2,300 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment.