JM acquires Lidingö waterfront area in Stockholm region

JM signed an agreement today with Diligentia for the acquisition of a property in the Dalénum area on Lidingö. The acquisition is worth a total of SEK 888 million, including SEK 158 million for the acquisition of 45,000 m2 of existing commercial premises. Plans for the property include about 560 new residential units, as well as continued development of existing commercial premises with about 50 rental units. The acquisition takes effect and will be reported on the consolidated balance sheet in conjunction with the signing of the agreement, at which time JM will pay SEK 150 million. The remainder will be paid upon approval of the local plan, expected in 2009.

With this acquisition JM has access to land for 900 residential units in the area.

“Dalénum has the best waterfront location in Stockholm: a southern exposure, close to the shoreline, with a view of the entrance to Stockholm by sea and Djurgården, yet close to Stockholm's inner city," says Johan Skoglund, president of JM.

Planning for the area is already underway and construction is expected to begin during the first half of 2009, with first occupancy planned for summer 2010.

Plans for the Dalénum area in Lidingö, where AGA once had its factories, include up to 1,000 residential units and at least as many workplaces. The residential units will mainly consist of four- and five-floor apartment buildings that take advantage of the waterfront location so that as many units as possible have a view of the sea from their homes. The new neighborhood will offer extensive services, including restaurants, shops and schools. A wellness philosophy will characterize the area, which will be evident in both design and content. An attractive waterfront park is planned with wooden deck, docks and trails. Plans also include an indoor sports hall and synthetic turf fields.