Niam has entered into a joint-venture with Magnolia Bostad to develop two residential blocks in Gothenburg, Sweden. The project is estimated to include around 350 condominiums and rental apartments. The project is close to the area’s central hub with shops, services and restaurants as well as tram lines with travelling time to central Gothenburg in under 20 minutes. The development area is on the grounds of an old factory and will during the coming years undergo an expansion with about 1,000 new residential units.
Daniel Andersson, Head of Acquisitions Sweden said: “We are very happy to collaborate with such a prominent residential developer as Magnolia Bostad and to contribute to the positive development of Gothenburg."
Magnolia Bostad, which has extensive experience of producing efficient and sustainable homes in Sweden, will be responsible for all project development and sales of the condominiums and Niam will finance the majority of the project.
Niklas Ohldin, Regional Manager West at Magnolia Bostad commented: ”We will develop both rental apartments and condominiums which will result in a really nice project in an area where there is great demand.”
