JM acquiring building rights on Södermalm in Stockholm

JM has signed a development agreement with the City of Stockholm for the acquisition of land in the Persikan area in central Stockholm. The area’s detailed plan has gained final approval, and JM can develop approximately 280 residential units.Occupancy and payment will take place in stages between 2019 and 2021. The deal is worth SEK 437m, with adjustments to be made in conjunction with occupancy. It will be reported in the balance sheet in the JM Residential Stockholm business segment during Q1 2018. The acquired area has an attractive location in the eastern part of Södermalm, and is