JM acquiring property through joint venture for development of a total of 2,500 residential units in Lund
Through a 50-50 joint venture with OBOS Nya Hem AB, JM has aquired a property in Lund, which in a future detailed plan is assessed to allow for the development of commercial premises and approximately 2,500 residential units. The acquisition amounts in total to SEK 725 million, with occupancy and payment in the third quarter of 2022.
The property being acquired is Lyckebacken 5 in Lund, which consists of office, business and warehouse premises covering approximately 72,000 m2 of rentable space. JM’s half-owned share of the transaction will be reported as an acquisition of development property within the JM Residential Sweden business segment in the third quarter of 2022.
The property is located next to Lund’s new Pågatåg station Klostergården, which is expected to open in 2023. When the detailed plan is finalized, the property is expected to allow for the development of a gross floor area of 230,000 m2 that includes commercial premises and approximately 2,500 residential units. Production is expected to begin in 2027.
“JM is now investing in a new, large development area in Lund. With direct proximity to the new train station, schools and local services, as well as Höjeådalen Nature Reserve, there are many great opportunities to develop a thriving district with housing, offices and services. We look forward to realizing the potential in the area together with OBOS and the City of Lund,” says Lau Borch, Regional Manager of JM Residential Sweden South.
For additional information, please contact:
Lau Borch, Regional Manager JM Residential Sweden, South Region, +46 (0)18 66 56 99
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.