ALM Equity has sold 20 percent of the development project Södra Häggvik. At the same time, Alm has also sold 888 of the apartments in the project to investors.

ALM Equity invests investors of an additional 20 percent, corresponding to MSEK 206 (EUR 19M), in the project Södra Häggvik. The building rights Södra Häggvik was acquired by ALM Equity and investors in January 2016. The project comprises a total of approximately 1,500 apartments, a hotel with 340 rooms and 818 parking spaces. ALM Equity already owns 80 percent of the project. The ownership share after the sale is 60 percent.

888 of the planned apartments have been sold to investors for management at a value of approximately MSEK 1,500 (EUR 142M). The apartments will be managed by ALM Equity's subsidiary Svenska Nyttobostäder, which can also gradually acquire an ownership interest in the administration apartments. ALM Equity invests and owns the actual 20 percent of the management project.

As the properties are produced, the development project's results are gradually reported. Expected project margin is in line with ALM Equity's historical margins for tenant-owner projects. During the management phase, the results for Svenska Nyttobostäder are reported progressively as investors return their invested capital.

The 888 housing units to be placed in management will be started during the year.

"We are very proud of our project in Södra Häggvik which we think exemplifies what the ALM Group stands for. Small, smart apartments of good quality close to rail traffic; what the city's residents need most. In this project, several of our business areas work together with our sharp investors, who make us better and enable interesting projects and development of entire neighborhoods," says Joakim Alm, CEO of ALM Equity.