Wallenstam converts co-op apartment project in Solberga into rental apartments
Wallenstam will convert the first phase of the co-op apartment project Orangeriet in Solberga involving 90 apartments into rental apartments. The apartments are now under construction and are expected to be ready for occupation by spring 2018.
“We feel that the situation in the cooperative apartment market in Stockholm is a little uncertain right now. We have therefore chosen to change the first phase of Orangeriet into rental apartments after conducting a market test of the project where we noted that the co-op apartment market has cooled down. Thanks to our cost-efficient new production and financial strength, co-op apartment construction projects can be converted into rental apartments and make a positive contribution to profits,” says Hans Wallenstam, CEO Wallenstam AB.
“There is a huge and continually increasing need for rental apartments. There are about 590,000 people in the Stockholm Housing Agency’s queue and about 30,000 people in Wallenstam’s queue for newly constructed rental apartments in Stockholm and Uppsala,” says Vice CEO Mathias Aronsson, Director of Stockholm business area.
Orangeriet was designed by Wingårdh Architect’s office and features cedar wood façades and apartments ranging in size from 1 - 3 rooms and kitchen. Occupation of the 90 apartments is expected to commence in February 2018.
Wallenstam will build a total of 318 new apartments in Solberga. In late 2015, construction started of 148 rental apartments where occupation is now in progress, and in 2016 construction started of Orangeriet’s 170 co-op apartments, of which 90 will now become rental apartments.
For further information:
Susann Linde, CFO and Head of Investor Relations Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 34
Elisabeth Vansvik, Communications Director Wallenstam AB (publ) tel. 46 31 20 00 00 or 46 705 17 11 38
Wallenstam is a property company that manages, builds and develops properties for sustainable living and enterprise in Stockholm, Gothenburg and Uppsala. The property holding is valued at around SEK 39 billion and the customer base consists of around 7,600 households and 1,000 enterprises. The total lettable area is around 1 million sq m. Wallenstam is self-sufficient in renewable energy through the company Svensk NaturEnergi. The company’s B shares have been listed on Nasdaq Stockholm since 1984.