Magnolia Bostad and Samhällsbyggnadsbolaget i Norden (SBB) have formed a 50-50 joint venture for the development of investment properties.
Magnolia Bostad is selling four projects located in Huddinge, Nacka, Sollentuna and Helsingborg, Sweden, to the joint venture. The project in Huddinge comprises around 1,800 residential units and the sale is conditional on a zoning plan coming into force, which is expected happen in 2023. The other three projects have zoning plans in force and comprises together around 500 residential units that are expected to be completed in 2023. The project acquired from SBB is located in Norrköping. The ambition with the joint venture is to expand it through more acquisitions over time. Changes in the value of the joint venture that affect earnings will arise as the projects are market valued.
Magnolia Bostad is also selling two residential care projects located in Östersund and Nacka to SBB. Both properties have zoning plans in force. The s
