JM and an Irish Private Investor sign a 99-year leasehold agreement regarding the office building in Rue de la Science in the Leopold Quarter in Brussels.
JM completed late 2004 an extensive refurbishment resulting in 11.000 m2 of prime office space.
The agreement comprises a capitalized upfront payment of MSEK 295. As a consequence of the agreement JM will report a profit of approximately MSEK 18 during first quarter of 2006. The profit will be accounted for as a real-estate sale.
The office market in Brussels is currently subject to heavy competition and JM considers the agreement as a confirmation of the quality that have been added by the development and the upgrading of the buildings, says Göran Sjöborg, Managing director of JM's subsidiary in Belgium.