JM’s sale of the office project K1 Karlbergs Strand in Solna approved by Government decision

The Swedish Fortifications Agency’s acquisition of JM’s office project K1 Karlbergs Strand in Solna, Stockholm, was conditional on a Government decision. On December 15, 2022, the Government passed a decision to acquire the property, and the conditions for the transaction have thus been met.

The property is under construction with planned occupancy in the first quarter of 2025, which is when construction is expected to be completed. The transaction amounts to SEK 2.4 billion, and payment will be received upon occupancy. Starting in the fourth quarter of 2022, the transaction will be gradually recognized under revenue and profit in the JM Property Development business segment as the project progresses.

Production in the project is progressing according to plan and has a completion rate of approximately 35 percent when the project now begins to report revenue and profit.

For additional information, please contact:
Simon Backe, Regional Manager, JM Property Development Stockholm, +46 (0)8 782 11 58
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.