Klövern and ALM Equity develop 1,000 apartments in Kista Square Garden

Written by Customer Service on . Posted in Public Companies.

Klövern and ALM Equity have signed an agreement in order to jointly develop the property Skalholt 1 in the central part of Kista. The ambition is to contribute to the realization of a vibrant city neighborhood that accommodates housing and workplaces as well as culture, cafés, restaurants and local services.The agreement entails the creation of a joint venture which is the holder of the site leasehold to the property Skalholt 1. Klövern’s ownership interest in the jointly owned company will be 49.9 per cent. ALM Equity and Klövern will jointly run the implementation of the project Kista Square Garden on the site leasehold in close cooperation with the City of Stockholm. According to the current development plan, the total investment volume is estimated to be around SEK 800 million.”The project is a natural investment in line with Tobin Properties’ and Klövern’s ambitions in urban development”, says Rutger Arnhult, CEO of Klövern.Skalholt 1 currently includes an office building with underground garage. ALM Equity has for a long time worked on developing the zoning plan in order to enable a conversion of the building’s office space into residential units. The development of the site leasehold to the property, which is subsequently planned to be purchased from the City of Stockholm, is expected to mean an extension of the building’s gross area from approximately 56,000 sq.m. to around 70,000 sq.m. In total, the project is estimated to result in around 1,000 small apartments as well as commercial space in the form of offices, retail, restaurants and garage. The intention is to create ownership apartments (Swedish: ägarlägenheter) for joint management, but condominiums and/or rental apartments are feasible alternatives. The zoning plan also permits that the apartments are used as corporate apartments and that parts of the building are converted to a hotel.Klövern acquires its ownership interest in the jointly owned company for SEK 355 million, based on an underlying property value of SEK 750 million.Klövern AB (publ) This is a translation of the original Swedish language press release. In the event of discrepancies, the original Swedish wording shall prevail.Attachment191204 Klövern and ALM Equity develop 1,000 apartments Kista Square Garden (pdf)

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.