09/11/2019 | Press release | Distributed by Public on 09/11/2019 04:51
Today, the company behind SSM's rental project Täby Turf was taken over by housing company Willhem. Willhem acquired the project from SSM through forward funding on October 15, 2018. Upon completion, the project, which includes 178 rental apartments as well as commercial space and a daycare center, will have a total property value of approximately 473 MSEK. Consequently, SSM will begin to apply the percentage of completion method, which is expected to continue until the fourth quarter 2021. During the third quarter 2019, the transaction will have a slightly positive effect on SSM's cash flow at the same time as the effect on earnings is negligible.
Today, the company behind SSM's rental project Täby Turf was taken over by housing company Willhem. Willhem acquired the project from SSM on October 15, 2018 via forward funding. The transaction was carried out by transferring all of the shares in Täby Turf Fastighets AB to Willhem.
Upon completion, the project's property value will amount to approximately 473 MSEK. SSM will consequently begin to apply the percentage of completion method, which is expected to continue until the fourth quarter 2021. During the third quarter 2019, the transaction will have a slightly positive effect on SSM's cash flow at the same time as the effect on earnings is negligible.
- Via Willhem, Täby Turf, which is SSM's first rental project, has now been taken over by an excellent long-term owner and property manager. SSM looks forward to continuing to develop its business relationship with Willhem within the framework of the company's growth in the Stockholm housing market, says Mattias Lundgren, Interim President & CEO of SSM.
- We are pleased to be able to further strengthen our position in Stockholm and broaden our offering with more new-build homes. Täby Turf is an attractive, modern rental property that complements our existing portfolio very well, says Mikael Granath, CEO of Willhem.
Täby Turf will offer 178 rental apartments and it is part of the new Täby Park district where at least 6,000 homes are being built. The project also includes commercial premises - three retail spaces and a preschool for about 40 to 60 children. The symbolic sod-turning ceremony was held on September 3, 2019 and tenants are expected to move in during 2021.
This information is such that SSM Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 12:30 CEST on September 11, 2019.
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About SSM Holding AB (publ)
SSM produces functionally smart and affordable homes with attractive common areas, close to public transport and the city center for the company's target group - the urbanites of tomorrow. The company envisions a housing market that is accessible to as many people as possible and aspires to produce 50 percent cooperative apartments and 50 percent rental units. SSM is the leading property developer in its niche within the Greater Stockholm area and at end of June 2019, the company has approximately 6,200 building permits in its portfolio. SSM has been listed on Nasdaq Stockholm (Small-Cap) since April 6, 2017. www.ssmlivinggroup.com