Magnolia Bostad is selling 180 rental apartments in the new district of Nya Hovås in Göteborg to Heimstaden Bostad. The project consists of around 11,060 m[2] GFA for residential units and around 2,500 m[2] GFA for retail units and a garage. The estimated property value upon completion will be around SEK 450 million.

The sale will take place as a corporate transaction and concerns the property Hovås 451: 67. The project is part of the framework agreement with Heimstaden, which was signed in June 2018, has a zoning plan in force and a turnkey contract has been signed with Consto AB.

The Nya Hovås district, with a forest and the sea nearby, is a vibrant district with a variety of buildings filled with pleasant shops and meeting places, where a mixture of people live, work and socialize. In that context, this new neighbourhood will fit in well. The buildings are designed by the architects Arkitema. Building is expected to start during Q1 2021 and occupancy is expected in Q1 2023. Following the sale and handover of the project, Magnolia Bostad has a project management agreement with the buyer that runs until occupancy. The project management agreement is invoiced and revenue recognized on an ongoing basis.

"The property has a pleasant location in Nya Hovås, close to environmental amenities and also good public transport. This will be the second major project we have developed in the Göteborg area and we are happy to be part of the successful Nya Hovås urban development project," says Niklas Ohldin, Western Regional Director.

Wistrand Advokatbyrå has acted as legal adviser to Magnolia Bostad.

For more information, please contact:
Niklas Ohldin, Western Regional Director
+46 76 838 00 99, niklas.ohldin@magnoliabostad.se

Marita Björk, IR and Financial media Manager
+46 72 720 00 06, marita.bjork@magnoliabostad.se

https://news.cision.com/magnolia-bostad-ab/r/magnolia-bostad-sells-180-residential-units-in-goteborg,c3236971

https://mb.cision.com/Main/12686/3236971/1334971.pdf

https://news.cision.com/magnolia-bostad-ab/i/representation-1-magnolia-bostad-nya-hovas,c2849979

https://news.cision.com/magnolia-bostad-ab/i/representation-2-magnolia-bostad-nya-hovas,c2849980

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