JM has signed an agreement with Aberdeen Standard Investment to sell three rental properties. The deal is worth SEK 1 200m.
The properties in question are the completed Lidingö Tryckregulatorn 2 and Täby Spaken 1 properties, and the Sundbyberg Lådmakaren 4 property. Production on the properties started in Q2 2019. The properties have been included in large development areas, where JM has taken care of the residential projects. A total of 376 residential units will be sold. The sale of Lidingö Tryckregulatorn 2 and Täby Spaken 1 will be reported within the JM Property Development business segment during Q3 2019 with a gain of SEK 170m.
Occupancy of Lidingö Tryckregulatorn 2 and Täby Spaken 1 will take place in Q3 2019, while occupancy of Sundbyberg Lådmakaren 4 is planned for Q2 2022. Approximately two-thirds of the purchase price will be paid in Q3 2019. The remaining amount will be paid at occupancy of the Sundbyberg Lådmakaren 4 property. Revenue and profit/loss will be gradually reported for Sundbyberg Lådmakaren 4 during the project’s implementation, within the JM Property Development business segment.
“We view the strong market as a good opportunity to sell some of the rental properties we have developed on our own land. Over the past few years, JM has built up and developed a large rental unit portfolio. The volume has reached a point now that it is time to sell some of the properties. JM aims to develop at least two rental unit projects every year, and we will continue to pursue this goal in the future as well,” says Pär Vennerström, business unit manager JM Property Development.
For additional information, please contact:
Pär Vennerström, Business Unit Manager JM Property Development, +46 (0)8 782 89 12
Simon Backe, Head of JM Property Development, +46 (0)8 782 11 58
Sepideh Imani, Head of Communication and Analysis, +46 (0)8 782 14 29
This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:00 CET on 2019-07-02.
JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 16 billion and the company has about 2,600 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.
Powered by WPeMatico