Magnolia Bostad sells 460 apartments in Nynäshamn
Magnolia Bostad sells the projects Fyren phase 1 and Fyren phase 2 Stage in Nynäshamn in two separate transactions. The sale comprises of the property Telegrafen 16 and the total property value on completion is estimated at approximately SEK 950 million.
The buyer of Fyren phase 1, comprising approximately 220 apartments, is Viva Bostad Nynäshamn AB. The buyer of Fyren phase 2, comprising approximately 240 apartments and a preschool, is SEB's real estate fund Domestica IV. Both sales are conditional on the buyer's financing.
The property has an attractive residential location at the entrance to central Nynäshamn with direct proximity to service, trade and walking distance to Nynäshamn's commuter train station. Nynäshamn offers the opportunity to combine city life with outdoor life. Commuter train to Stockholm C is less than an hour and by car the journey to Gullmarsplan takes about 35 minutes.
Architects are Schweiller Svensson Arkitektkontor. The building will form a landmark in Nynäshamn with an unique architecture, of which part of the building will be 19 stories. The homes will have a seaside location with extensive views of the archipelago. Consto AB is signed as contractor.
Magnolia Bostad will develop and manage the project all the way through, until the homes are ready for occupancy, Construction of both phases is estimated to start at the year end of 2017/2018 and occupancy is estimated to 2020.
Andreas Rutili, who is a member of Magnolia Bostad’s Board of Directors, has an indirect ownership interest in Viva Bostad Nynäshamn AB, but no controlling influence. Andreas Rutili has not participated in the Board’s divestment decision. The sale has been preceded by a normal sales process and the Board of Directors has obtained external property valuations to ensure that the transaction is concluded at market terms. We also refer to the Swedish Securities Council’s (Aktiemarknadsnämnden) statement number 2017:02.
Legal advisor to Magnolia Bostad was Wigge & Partners and Morris Law has acted as legal advisor to the buyers Viva Bostad Nynäshamn AB and SEB's real estate fund Domestica IV.
For more information, please contact:
Erik Rune, Vice President and Head of Business Development
+46 73-399 40 30, email@example.com
Mikaela Senator, Investor Relations Manager
+46 70-775 57 57, firstname.lastname@example.org
Magnolia Bostad develops new residential properties, including rental apartments, tenant-owned apartments, residential care housing, hotels and student housing, in attractive locations in Sweden’s growth areas and major cities. Our work is based on a holistic approach where the operations are conducted in a manner that promotes long-term, sustainable urban development. Magnolia Bostad's share (MAG) is listed on Nasdaq First North Premier. Erik Penser Bank is the Certified Adviser for the Company. More information is available at www.magnoliabostad.se