JM has signed an agreement for the sale of properties in Lidingo and Bromma, Stockholm. The transactions amount to c. €26.4m.
The first asset is a commercial property containing c. 1,000m2 of rentable space and is located in the former AGA area, now Dalenum, which JM has developed into a lively district with around a thousand residential units, residential care units, services and modern offices.
The transaction, which amounts to c. €1.8m with a profit from the sale of property of c. €1.2m, will be reported during Q4 of 2023 within the business segment JM Property Development. Payment will occur in connection with the transfer of legal title on October 9, 2023.
The second series of sold assets are the investment properties located at Brommaplan in Bromma, Stockholm. The transaction amounts to c. €24.6m resulting in a loss of c. €1.3m, which will burden the JM Residential Stockholm business segment in Q3 2023 with a corresponding impairment. Transfer of legal title and payment will occur in Q4 2023.
JM acquired the properties in 2010 and has had an ongoing dialogue with the City of Stockholm about the possibilities for developing residential units in the area. Since the assessment has been made that no such development will be granted at Brommaplan in the near future, JM has decided to sell the properties to an actor who, within its operations, has better opportunities to develop the properties under the current conditions.
“It is gratifying and positive for Bromma that the properties at Brommaplan will be taken over by an actor with good conditions to continue the development of the area,” said Jon Vidar Semb-Josefson, regional manager of JM Residential Stockholm.
