The sale concerns the Sundbyberg 2:185 property and will take place as a corporate transaction. The project is Magnolia Bostad's first sale to CBRE Global Investors and a turnkey contract has been signed with Mecon Bygg AB.
The project in Västra Ursvik has a zoning plan in force and is located within the Torget zoning plan and very close to the upcoming construction of Tvärbanan (the light rail line). The residential units have been designed by Lindberg Stenberg Architects. Construction is expected to start at the end of Q1 2021 and occupancy is expected to be in the summer of 2023. Profit recognition will take place in Q4 2020. After the sale and handover of the project, Magnolia Bostad has a project management agreement with the buyer that runs until occupancy.
”This is our second project within the Torget zoning plan and we are looking forward to starting production of both of them in the near future, and to being involved in the development of the upcoming Ursviks Torg. We are also pleased to have started a collaboration with CBRE Global Investors,” says Björn Bergman, Eastern Regional Manager.
Wigge & Partners has acted as legal adviser to Magnolia Bostad.