– The sale of Tobaksmonopolet 3 in the Södermalm district is in line with our strategic shift towards offering reasonably priced housing in different forms of tenure where more people can afford to live. Tobaksmonopolet 3 is an exclusive project and one that we are convinced CA Fastigheter and Panorama Bostad will continue to successfully develop,” says Joachim Hallengren, President and CEO of Bonava.

Bonava was responsible for the development of Tobaksmonopolet 4, a project comprising 91 apartments and that was completed in 2016. Tobaksmonopolet 3 is the final phase in the area and consists of the Tengbom Building and development rights for two apartment blocks, four and 17 stories, respectively.

The sale will initially generate revenue of EUR 24M that will be recognized in the first quarter of 2017, in addition to a maximum supplementary purchase consideration of EUR 13M that will be recognized when the detailed development plan has gained legal force.