JM acquiring property through joint venture for development of a total of 2,500 residential units in Lund

The property being acquired is Lyckebacken 5 in Lund, which consists of office, business and warehouse premises covering approximately 72,000 m2 of rentable space. JM’s half-owned share of the transaction will be reported as an acquisition of development property within the JM Residential Sweden business segment in the third quarter of 2022.

The property is located next to Lund’s new Pågatåg station Klostergården, which is expected to open in 2023. When the detailed plan is finalized, the property is expected to allow for the development of a gross floor area of 230,000 m2 that includes commercial premises and approximately 2,500 residential units. Production is expected to begin in 2027.

“JM is now investing in a new, large development area in Lund. With direct proximity to the new train station, schools and local services, as well as Höjeådalen Nature Reserve, there are many great opportunities to develop a thriving district with housing, offices and services. We look forward to realizing the potential in the area together with OBOS and the City of Lund,” says Lau Borch, Regional Manager of JM Residential Sweden South.