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| JM Norway acquires Statnett’s former HQ in Oslo JM Norway and Miliarium, an Adolfsen Group company, have entered into an agreement to purchase Statnett's former HQ at Huseby, in the Ullern district of West Oslo. The vendor is Statnett, and the acquisition consists of the major share of Statnett's property at Husebyplatået. In addition, an option agreement for the remaining part of the site has been entered into. Under the agreement, an advance payment of NOK 50 million will be made by the purchasers, with JM's share being NOK 25 million, while the rest of the purchase price will be paid as the site is developed. The maximum financial amount for the sale may rise to around NOK 700 million. JM's share is 50%. The property, comprising 22,000 m2of buildings and 50 ares of undeveloped land, is intended mainly for residential development. In all, around 600 residential units may be involved. Plans are being made for a varied apartment development, combined with service functions, in the existing commercial buildings. The property has to undergo a regulatory process that is expected to take an estimated two-three years. The agreement on development of attractive new residential units and a welcoming residential area in west Oslo falls within JM's strategy for growth in Norway and should also provide a sizeable contribution to the supply of residential property in a fast-growing capital, says Magnus Berg, Managing Director, JM Norway. 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, Denmark, Finland and Belgium. We are also involved in project development of kholmcommercial premises and contract work, primarily in the Greater Stockholm area. JM seeks to promote long-term quality and environmental considerations in all its operations. Annual sales total approximately SEK 13 billion and the company has about 2, 200 employees. JM is a public limited company listed on NASDAQ OMX Stoc, in the Large Cap segment. write your comments about the article :: © 2014 Construction News :: home page |