JM has signed an agreement with Hemvist for the sale of a rental property located in Backlosa, Uppsala. The transaction amounts to €31m.
The property being sold is the project Lindblomman (Uppsala Ultuna 2:29), which consists of 134 residential units. The transaction will take the form of a corporate sale.
Production is estimated to start in the third quarter of 2024 and revenue and profit from the transaction will be recognized gradually over the course of the project within the JM Residential Sweden business segment. The planned transfer of legal title is during the third quarter of 2026, which is when construction is expected to be completed. Payment in full will be received in conjunction with the transfer of legal title in 2026.
“The sale of Lindblomman strengthens the conditions for continued housing development in the form of newly produced rental properties in good locations here in Uppsala,” said Per Johansson, Regional Manager, JM Residential Sweden.
Image source - Pexels.
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