Nordic housing and residential developer JM has sold investment properties in Bromma, Stockholm, for SEK 283 mln (€24 mln).
JM acquired the properties in 2010 and had been in talks with the City of Stockholm about developing residential units in the area.
However, JM has now decided to sell the properties to a company that has better opportunities to develop them under the current conditions.
The sale will result in a loss of SEK 15 mln (€1.3 mln) for JM's Residential Stockholm business segment in Q3 2023.
The transaction will be completed in Q4 2023, when the transfer of legal title and payment will occur.
Jon Vidar Semb-Josefson, regional manager of JM Residential Stockholm, said: ‘It is gratifying and positive for Bromma that the properties at Brommaplan will be taken over by an actor with good conditions to continue the development of the area.’
Separately JM also agreed the sale of a commercial property in the Dalénum area of Lidingö, Stockholm, for SEK 21 mln (€1.8 mln).
The property with 1,000 m2 of rentable space and is located in a vibrant district that JM has developed with around 1,000 residential units, residential care units, services, and modern offices.
The sale will generate a profit of approximately SEK 14 mln (€1.2 mln) for JM’s Property Development business segment.
JM also said it invested SEK 240 mln (€21 mln) to acquire land in Jessheim, 40 km north of Oslo, in an area that allows for the development of 500 residential units.
Project development will take place during Q4 2023, with first housing start estimated for H1 2024.
