JM has signed an agreement to acquire building rights for the development of c. 350 residential units in Hon in Asker, just outside Oslo. The agreement is conditional on a legally binding detailed plan and amounts to €41m.
Payment of c. €1.8m is made in connection with the conclusion of the agreement. Thereafter, 50% of the purchase price is paid at the time of the decided detailed plan and the remaining 50% no later than 36 months after the detailed plan has gained legal force. The transaction will be reported within the business segment JM Norway.
The area has developed infrastructure and is dedicated by Asker municipality to the development of housing.
“The acquisition fits nicely into JM's development strategy and will make a welcome contribution to the housing supply in the Oslo region,” said Hilde Vatne, Business Unit Manager JM Norway.
Image source - Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
