JM acquires development property in Oslo

STOCKHOLM--()--Regulatory News:

JM (STO:JM)

JM has acquired the development property Vollebekkveien 2A in north-eastern Oslo from Stiansen Eiendom AS. The purchase sum amounts to approximately SEK 170 million with occupancy and payment planned for November 2016. The acquisition is expected to enable development of 175 residential units. The transaction will be reported in Q4 2016 in the JM International business segment.

The property is situated next to Vollebekkveien 2B which JM acquired in 2015. The two acquisitions entail an expected development of 260-290 residential units in apartment buildings. Both properties are a part of the municipality of Oslo’s planning program for Vollebekk and comprise the construction of residential units. Detailed development plan work has commenced and JM is planning to start production during the second half of 2018.

The Vollebekk area is being developed and JM’s properties are located right next to Vollebekk’s subway station. A journey to Oslo central station takes 13 minutes with the subway. The municipality of Oslo is building a school north of the property which will be completed in 2017.

“The municipality has defined Vollebekk as a hub where development of new residential units contributes positively to the residential portfolio in Oslo. This establishment is a part of JM’s long-term growth strategy,” says Martin Asp, President JM Norway.

This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16:00 CET on 2016-11-17.

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 emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 15 billion and the company has about 2,400 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.

This information was brought to you by Cision http://news.cision.com

Contacts

JM
Martin Asp
President JM Norway
+47 920 30 934
or
Hilde Vatne
Regional Manager Oslo, JM Norway
+47 922 15 662
or
Sepideh Imani
Head of Communication and Analysis
+46 (0)8 782 14 29

Contacts

JM
Martin Asp
President JM Norway
+47 920 30 934
or
Hilde Vatne
Regional Manager Oslo, JM Norway
+47 922 15 662
or
Sepideh Imani
Head of Communication and Analysis
+46 (0)8 782 14 29