JM Sells Residential Project to Stockholmshem

Today JM signed an agreement with Stockholmshem for the sale of a property comprising a residential project located at Sjövikshöjden in Årstadal, Stockholm. The project includes 108 apartments

"The agreement with Stockholmshem is welcome news in a situation where our new production is still affected by the slowdown in the financial markets," says Johan Skoglund, CEO and President at JM. The total purchase consideration is SEK 261 million, including SEK 26 million to be paid at the time of access to the residential project. The remainder will be paid as the project is carried out. Gains from the sale will be recognized during 2010/2011. The project is already underway and occupancy is expected during the third quarter of 2009