Skanska and Areim have formed a joint venture to develop apartments in the Stockholm region.
Skanska and Areim have formed a joint venture to develop apartments in the Stockholm region.
The joint venture company Sjöstadsbo is owned on a 50:50 basis by construction and property group Skanska and fund manager Areim.
The joint venture company will acquire development rights for 700 homes from Skanska for a market value of about SEK 750 mln (€84 mln) in Hammarby Sjöstad, part of the municipality of Stockholm.
Areim is to add an additional 300 development rights to the joint venture company. The parties have previously successfully developed the Välbehaget block in Stockholm, the first LEED-registered residential project.
Ground works have started and the sales for the first apartment are planned to begin in January 2014. Skanska will be the general contractor for Sjöstadsbo’s projects. Skanska Sweden will carry out the work in stages over 2014-2021, and the total contract value is estimated at SEK 2 bn (€223 mln).
'The cooperation with Areim creates conditions for Skanska to become a major player in the residential market. This gives us a good opportunity to speed up the housing construction in Stockholm,' said Björn Mattsson, regional manager at Skanska Sweden.
