Magnolia Bostad sells 430 apartments in Hyllie, Malmö
Magnolia Bostad sells a project comprising the property Valhall 1 located in Hyllie, Malmö. The sale comprises approximately 430 rental units and a larger grocery store.
The project is sold through company transfers and, at the time of the transfer, has a property value of approximately SEK 140 million and an estimated property value at completion of just over SEK 1 billion. The deal will be recognized in the fourth quarter of 2017. The local plan for the property has gained legal force and access takes place after granted building permit.
Construction start is planned for the first quarter of 2018. Magnolia Bostad will develop and manage the project all the way through, until the homes are ready for occupancy, which is expected to take place from the third quarter of 2020.
Buyers are Vault investment partners.
The project is located in the immediate vicinity of the Emporia Shopping Center and the station in Hyllie district. The district with new residential areas, offices and commercial areas is rapidly emerging as an important part of Malmö. The project was designed by Lindberg Stenberg Architects and will consist of shops and garage in the ground floor with housing above. Magnolia Bostad is very proud to be involved in contributing to the creation of a new attractive destination in the Öresund region.
For more information, please contact:
Stefan Berg, Head of Business Development
+46 737 08 82 19, stefan.berg@magnoliabostad.se
Mikaela Senator, Investor Relations Manager
+46 707 75 57 57, mikaela.senator@magnoliabostad.se
The information in this press release is such information that Magnolia Bostad AB is obliged to make public according to the European Union’s Market Abuse Regulation, (EU) No 596/2014. The information was submitted for publication, through the agency of the contact persons set above, on December 29, 2017 at 4:40 PM.
Magnolia Bostad develops new residential properties, including rental apartments, tenant-owned apartments, residential care housing, hotels and student housing, in attractive locations in Sweden’s growth areas and major cities. Our work is based on a holistic approach where the operations are conducted in a manner that promotes long-term, sustainable urban development. Magnolia Bostad's share (MAG) is listed on Nasdaq First North Premier. Erik Penser Bank is the Certified Adviser for the Company. More information is available at www.magnoliabostad.se
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