“We find the Finnish market interesting from a long-term perspective and are taking the next step in our strategic investment by acquiring a large piece of land, which also requires a reinforced organization”
JM (STO:JM) is acquiring well-situated industrial property in Hertonäs, Helsinki. Provided the detailed plan gains final approval, occupancy is expected in 2015. The acquisition amounts to approximately SEK 135 million, most of which will be paid on a running basis between 2015 and 2018. The project entails an expected plan revision for housing, which will be performed in cooperation with the seller. JM aims to develop approximately 350 residential units in apartment buildings.
JM's ambition is to further boost its position in the Finnish market. With focus on a long-term approach, we are opting to expand through land acquisition and by recruiting a president for JM Finland from outside the company.
Markus Heino has been recruited as the new president of JM Suomi Oy. He has solid experience in residential development and a great deal of know-how on the Finnish market. He most recently worked at Skanska Kodit where he was responsible for residential project development. Markus Heino will begin in his new position in February 2013.
"We find the Finnish market interesting from a long-term perspective and are taking the next step in our strategic investment by acquiring a large piece of land, which also requires a reinforced organization," says Martin Asp, who is head of JM International.
JM is one of the leading developers of housing and residential areas in the Nordic region. Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM shall promote long-term quality and environmental management in all its operations. Our annual sales total approximately SEK 13 billion and the company has about 2,300 employees. JM AB is a public limited company listed on the NASDAQ OMX Stockholm, Mid Cap segment.
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