JM acquiring 330 building rights for residential development in Gothenburg

JM has acquired building rights for the development of approximately 330 residential units located in the Gamlestaden district in Gothenburg. The acquisition amounts to approximately SEK 160 million, with occupancy and payment in the third quarter of 2022.

The acquisition, which is part of the property Olskroken 18:7 at Gamlestadens fabriker, will be reported within the JM Residential Sweden business segment in the third quarter of 2022.

Gamlestaden is being developed into an attractive district with new residential units, city shopping and services. The new construction will be integrated with the old, and Gamlestaden will be part of Gothenburg’s expanding inner city. Based on the approved detailed plan, it is estimated that the acquisition will allow for the development of approximately 330 residential units, with production start of the first phase expected in 2023.

“We look forward to contributing to the development of Gamlestaden, an interesting district with a rich history and an exciting future. Located close to the heart of Gothenburg and with good transportation options, the area offers excellent opportunities to develop attractive residential units,” says Henrik Orrsjö, Regional Manager, JM Residential Sweden, West Region.

For additional information, please contact:
Henrik Orrsjö, Regional Manager JM Residential Sweden, West Region, +46 (0)73 432 52 68
Katarina Rimmerfeldt, Head of Communications JM Group, +46 (0)73 432 61 20

JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 15 billion and the company has about 2,500 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.