Swedish property developer Fabege has sold the development rights to four residential projects in Huvudsta in Solna to Nordic housing and residential developer JM.
The building rights have been granted legal approval and the local development plan allows for an above ground development right of almost 42,500 m2, which corresponds to around 450 homes and a preschool.
The buyer also takes on an obligation to pay the remaining amount of an infrastructure development contribution to the municipality of Solna.
The sale will take place through a share transfer, and the handover date is 4 April 2023.
The real estate worth of the sale is SEK 484 mln (€42.5 mln) including the payment of infrastructure development contribution to the City of Solna.
Stefan Dahlbo, president and CEO of Fabege, said: ‘Huvudsta has been a solitary development right in our portfolio. Following the sale, we have a portfolio of 610,000 m2 of residential development rights. The majority of these development rights are in our priority areas of Arenastaden and Flemingsberg, and the work to develop these continues to be run by our company Birger Bostad.’
Malin Lindskog, regional manager for JM Stockholm North, added: ‘Solna is a very attractive municipality, and we are pleased to be able to strengthen our position with additional building rights in the area.’
The building rights are close to Ulvsunda Lake and the Huvudsta subway station.
In conjunction with the acquisition, JM has signed a rental agreement for its new 6,500 m2 head office in Fabege’s project Haga Norra in Solna, with occupancy planned for autumn 2024.
