Kilenkrysset has signed an agreement with Magnolia Bostad for the sale of part of the property Kungsängens-Tibble 1:478 in Upplands-Bro Municipality. On the property, Magnolia Bostad plans to develop approximately 400 homes totalling approximately 43,000 sq m GFA.
The acquisition takes the form of a corporate transaction and the seller is Kilenkrysset. Work on the detailed development plan is in progress, and the transaction is conditional on the detailed development plan gaining legal force, which is expected in 2022.
Magnolia Bostad is planning a mixed area with apartment buildings and small houses as well as a preschool. The area will have a scenic setting adjacent to the nature reserve towards Örnnässjön, directly next to existing low-rise housing and close to services, a school and a sports ground. Kungsängen has good transport links, with frequent commuter trains to Stockholm.
Photo from left: Andreas Lenander, Business Developer, Kilenkrysset; Anders Solberg, Head of Land & Development, Kilenkrysset; and Tony Weideskog, Business Developer, Magnolia Bostad.
– We are pleased to begin a partnership with Magnolia Bostad. Kilenkrysset and Magnolia Bostad are both long-term urban developers with the resources and patience to work on detailed planning and project development over the long term, says Jan Persson, CEO and Chairman of the Board of Kilenkrysset.
– With the acquisition in Kungsängen we continue our investment in Upplands-Bro, an attractive growth area close to both lakes and fine natural surroundings. We are already developing approximately 1,500 homes in Bro Mälarstad, and with this new acquisition we are back in the municipality's main town, Kungsängen, with a project of approximately 400 more homes, says Björn Bergman, Regional Manager East at Magnolia Bostad.
Törngren Magnell & Partners acted as legal adviser to Magnolia Bostad.
For further information, please contact:
Jan Persson, CEO, Kilenkrysset AB
Email: jan.persson@kilenkrysset.se
Björn Bergman, Regional Manager East, Magnolia Bostad
Email: bjorn.bergman@magnoliabostad.se
Phone: 070-968 15 82
Marita Björk, IR and Press Officer, Financial Media
Email: marita.bjork@magnoliabostad.se
Phone: 072-720 00 06
Magnolia Bostad AB (publ), corp. ID no. 556797–7078, is a leading community developer that develops new housing, both rental and tenant-owned apartments, community properties and hotels in attractive locations in Sweden's growth areas and major cities. Our work is guided by a holistic approach, and the business is run in a way that promotes long-term sustainable community development. Magnolia Bostad's shares (MAG) are listed on Nasdaq Stockholm. More information at www.magnoliabostad.se
