Occupancy and payment will take place in stages between 2019 and 2021. The deal is worth EUR 43M, with adjustments to be made in conjunction with occupancy. It will be reported in the balance sheet in the JM Residential Stockholm business segment during Q1 2018.
The acquired area has an attractive location in the eastern part of Södermalm, and is currently being used as an SL bus depot. The old bus depot will be torn down to make room for the new residential neighborhood.
“Being part of the development at Barnängen at Södermalm with our new and attractive apartments is gratifying. The Persikan area has a great location for housing, and we are really looking forward to developing the area further,” says Elin Blixt, regional manager of JM Stockholm South Region.
JM to Develop in Stockholm
Sweden — JM has signed a development agreement with the City of Stockholm for the acquisition of land in the Persikan area in central Stockholm. The area’s detailed plan has gained final approval, and JM can develop approximately 280 residential units. <br />
Maria Olsson Äärlahtmaria@nordicpropertynews.com