Nordic specialist JM Property Development has agreed to sell the Project Flora rental property in Järfälla, Stockholm for SEK497 million (€44 million).
The buyer has not been named. The new-build project Flora consists of 155 residential units and is part of the Söderdalen development area in central Järfäll.
The property is under construction. It is planned to transfer the legal title in the third quarter of 2025, when construction is expected to be completed.
Starting in the second quarter of 2024, the revenue and profit from the transaction will be recognized gradually over the course of the project.
Payment in full will be received in conjunction with the transfer of legal title in 2025.
Nicklas Backfjärd, Manager JM Property Development, says, “We are pleased that newly produced high-quality rental properties are in demand. The sale of Flora strengthens the conditions for investments in new projects within the framework of our strategy to develop rental properties on our own land.”
