Nordic residential developer JM has sold a development project in Järfälla, Stockholm, for SEK 497 mln (€44 mln) and the full amount will be paid upon transfer of title in 2025.
The Flora project consists of 155 rental units and is part of the larger development area Söderdalen in central Järfälla, where JM offers various housing options.
The project is currently under construction with completion targeted for Q3 2025.
Revenue recognition will be gradual starting Q2 2024 within the JM Property Development segment.
This sale of rental units allows JM to achieve a faster development pace in Söderdalen by constructing tenant-owned and rental units simultaneously.
Nicklas Backfjärd, manager JM Property Development, said: ‘We are pleased that newly produced high-quality rental properties are in demand. The sale of Flora strengthens the conditions for investments in new projects within the framework of our strategy to develop rental properties on our own land.’
JM focuses on new homes in metropolitan areas and university towns in Sweden, Norway and Finland, in addition to commercial premises and contract work, primarily in the Greater Stockholm area.
