JM sells Properties in Form of Housing Project to Stockholmshem

In an agreement with Stockholmshem, JM is selling properties in form of housing projects for a total of 371 apartments in Stockholm.

"At a time when demand for tenant-owned apartments has weakened this is good news for our employees, as well as JM's customers and shareholders," says Johan Skoglund, CEO of JM. "At the same time it is gratifying to be able to contribute building rights and our knowledge to Stockholmshem's ambitious initiative.

The four Stockholm projects are in Örnsberg, Liljeholmen, and in Råcksta.

The deal is worth a total of SEK 759 million and will be reported on the income statement over the course of 2009/2010. SEK 125 million
will be paid in cash for the land during the first quarter of 2009.

JM has had a long-term, positive partnership with Stockholmshem for some time and has previously been involved in similar transactions with good results for both parties.