SSM will buy back the Järla Station and Metronomen joint venture projects from
In Q3 2017, SSM entered into a financial joint venture agreement with
The Metronomen project at Telefonplan, which features 188 cooperative apartments, is nearing completion and finalization of the city plan for the Järla Station project, which includes an estimated 159 building rights, has been postponed. As a result of SSM's improved financial stability and the status of the projects, SSM has chosen to buy back the projects and manage them in their entirety until they are finished.
- Urban development is characterized by long lead-times with intrinsic uncertainty, which isn't always in line with the investment horizon in the funds of global investment managers. Today, SSM has a better financial position and a strong ownership base, giving the company more opportunities to develop projects under its own auspices going forward, says
SSM will pay a purchase price corresponding to the amount invested in the Järla Station project and the expected future profits from the Metronomen project. The transaction will be carried out during Q2 2021 at the latest and will have a -23.4 MSEK impact on SSM's cash flow during 2021 as well as a negative reporting-related impact of -16.8 MSEK that is expected to be charged to Q4 2020.
The information in this press release is such, which
For more information, please contact:
Phone: +46 761 65 17 71
Email: ann-charlotte.johansson@ssmliving.se
About
SSM produces smart, affordable homes with attractive shared spaces close to public transport and the city center for its target group - tomorrow's urbanites. SSM envisions a housing market for as many people as possible and today, the company is the leading property developer in its niche within the
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