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JM Norway acquires Statnett's former HQ in Oslo


Tuesday, 1 Jul 2014 02:00am EDT 

JM AB:JM Norway and Miliarium, an Adolfsen Group company, have entered into an agreement to purchase Statnett's former HQ at Huseby, in the Ullern district of West Oslo.Vendor is Statnett, and acquisition consists of the major share of Statnett's property at Husebyplat√•et.In addition, an option agreement for the remaining part of the site has been entered into.Under the agreement, an advance payment of 50 mln Norwegian crown will be made by the purchasers, with JM's share being 25 mln Norwegian crown, while the rest of the purchase price will be paid as the site is developed.Maximum financial amount for the sale may rise to around NOK 700 million. JM's share is 50 pct.Property, comprising 22,000 m2of buildings and 50 ares of undeveloped land, is intended mainly for residential development. In all, around 600 residential units may be involved.Plans are being made for a varied apartment development, combined with service functions, in the existing commercial buildings. The property has to undergo a regulatory process that is expected to take an estimated two-three years. 

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