The acquisition price will be determined and paid in conjunction with the local plan gaining final approval. This is expected to take place in 2023 at the earliest, at which time the transaction will be reported within the JM International business segment. The acquisition will allow JM to develop 300 residential units.

“The property has a great location in Röa. It is within walking distance of service, the subway station and buses, and the Oslomarka open-air recreation area is nearby. The property fits nicely in JM Oslo’s building rights portfolio, and the area has a great deal of potential as the last remaining industrial property in an established residential area,” says Hilde Vatne, regional manager, JM Oslo Region, JM Norway.