SSM Holding has a clear focus on rental apartment projects and selected cooperative apartment projects as well as a balanced approach to risk-taking in the company’s recently adopted five-year business plan. In line with this focus, SSM has signed a non-binding letter of intent for the sale of the Tellus Towers joint venture project that has approximately 1,200 building rights, most of which are intended to be developed into cooperative apartments, to Clear Real Estate Holding AB (a related party).
Based on the business plan that SSM adopted during Q3 2019, SSM has signed a letter of intent for the sale of the Tellus Towers joint venture project with approximately 1,200 building rights, most of which are intended to be developed into cooperative apartments, to Clear Real Estate Holding AB (related party*).
Tellus Towers is a forward-looking project for the Stockholm region that has the potential to create multidimensional value for the Telefonplan area and the region south of Stockholm. Based on SSM’s five-year business plan, we has assessed that further development of the project should be carried out by another developer, says Mattias Lundgren, President & CEO of SSM.
Any binding agreement regarding the sale of the Tellus Towers joint venture project requires that SSM and its current joint venture partner Partners Group and Clear Real Estate Holding AB agree on the terms and conditions for a sale. SSM intends to provide further information on the potential sale at the latest when the terms have been agreed upon.
*Clear Real Estate Holding AB is controlled by Ulf Morelius and Ulf Sjöstrand, both of whom are members of the Board of SSM and company shareholders and are thus considered related parties.