The purchase sum amounts to approximately EUR 17M with occupancy and payment planned for November 2016. The acquisition is expected to enable development of 175 residential units.

The property is situated next to Vollebekkveien 2B which JM acquired in 2015. The two acquisitions entail an expected development of 260-290 residential units in apartment buildings. Both properties are a part of the municipality of Oslo’s planning program for Vollebekk and comprise the construction of residential units.

Detailed development plan work has commenced and JM is planning to start production during the second half of 2018.

“The municipality has defined Vollebekk as a hub where development of new residential units contributes positively to the residential portfolio in Oslo. This establishment is a part of JM’s long-term growth strategy”, says Martin Asp, President JM Norway.