STOCKHOLM, Sweden, Dec. 22, 2016 /PRNewswire/ --JM has signed an agreement with Kungsleden to acquire land for 140 building rights. Production start-up is planned for Q2 2020. The deal is worth SEK 117m. Occupancy and payment are expected to be completed during first half of 2019.
The land being acquired is currently part of the Stiernhielm 7 property. It is centrally located in Mölndal, close to downtown Gothenburg. JM acquired Stiernhielm 6, an adjacent property, in 2013. With these acquisitions, it deemed possible to build a total of 225 residential units in apartment buildings. Work to produce a local plan is under way. The agreement is conditional upon the detail plan coming into legal force. The acquisition will be reported within the JM Residential Sweden business segment during first half of 2019.
"We are looking forward to taking part in the development of Mölndal's central areas. Through the acquisition, we are strengthening our position as one of the largest housing developers in the City of Mölndal," says Martin Svahn, regional manager, JM West Region.
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