Samhällsbyggnadsbolaget i Norden AB (publ) (”SBB”) and Magnolia Bostad form a 50/50 joint venture (“JV”) for the development of investment properties. The JV will acquire five projects consisting of around 2,550 rent regulated residentials from Magnolia Bostad and SBB. SBB is also acquiring two elderly care homes located in Nacka and Östersund from Magnolia Bostad.
SBB is selling one project in Norrköping to the JV, and Magnolia Bostad is selling four projects located in Huddinge, Nacka, Sollentuna and Helsingborg. The JV will be responsible for the future construction financing.
SBB is also acquiring two projects consisting of elderly care homes located in Östersund and Nacka from Magnolia Bostad. The estimated property value of the projects upon completion is approximately SEK 470m.
Magnolia Bostad will be responsible for the project management of all projects within both the JV and the elderly care homes sold until completion of the properties. The elderly care homes will be environmentally certified.
“With this transaction, SBB strengthens its position as the largest private owner of rent regulated residentials in Stockholm. We have a clear ambition to construct new rent regulated residentials and community service properties based on the needs of the municipalities, both to be managed in-house as well as through joint ventures. SBB and Magnolia Bostad are already developing rent regulated residentials in Nykvarn, and we now look forward to deepening our collaboration in this new JV”, says Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB.
For further information, please contact:
Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, [email protected]