The properties sold includes the property in the completed project Manegen (Täby Månstenen 4) and the property in the project Havreflingan (Järfälla Jakobsberg 2:2853), which will be completed in Q4 2021. Both properties were part of large development areas where JM is implementing residential projects – Täby Park in Täby and Söderdalen in Järfälla. In total, 320 residential units are being sold.
For Manegen (Täby Månstenen 4), gains of approximately SEK 160 million will be reported in the business segment JM Property Development in conjunction with the transfer of the legal title in Q2 2021. Full payment will be made at occupancy, which will generate a positive cash flow of approximately SEK 550 million in Q2 2021.
For Havreflingan (Järfälla Jakobsberg 2:2853), gains of approximately SEK 230 million will be reported in the business segment JM Property Development in conjunction with the transfer of the legal title in Q4 2021. Full payment will be made at occupancy, which will generate a positive cash flow of approximately SEK 765 million in Q4 2021.
Manegen has made it possible to increase the pace of the housing development, with parallel projects with different types of tenure in Täby Park and faster value realization in a good market for rental properties. Havreflingan was successfully transitioned from a tenant-owner project to a rental project with the goal of taking advantage of the improved market conditions for developing rental housing.
"We are pleased that the market is continuing to improve and there is strong demand for our newly produced rental properties. This gives us with the possibility of selling completed properties on our own land, which supplements our long-term ownership of site leasehold rights in the joint venture company that was formed at the end of last year. It is still JM’s objective to increase the volumes in the rental segment, and these sales create conditions for investment in new projects," says Mikael Åslund, business unit manager of JM Property Development.
JLL was the advisor to JM.