SSM Holding AB (publ) has a clear focus on rental apartment projects and selected cooperative apartment projects as well as a balanced approach to risk-taking in the company’s recently adopted five-year business plan. In line with this focus, SSM has signed a non-binding letter of intent for the sale of the Tellus Towers joint venture project that has approximately 1,200 building rights, most of which are intended to be developed into cooperative apartments, to Clear Real Estate Holding AB (a related party).
Based on the business plan that SSM adopted during Q3 2019, SSM has signed a letter of intent for the sale of the Tellus Towers joint venture project with approximately 1,200 building rights, most of which are intended to be developed into cooperative apartments, to Clear Real Estate Holding AB (related party*).
- Tellus Towers is a forward-looking project for the Stockholm region that has the potential to create multidimensional value for the Telefonplan area and the region south of Stockholm. Based on SSM’s five-year business plan, we has assessed that further development of the project should be carried out by another developer, says Mattias Lundgren, President & CEO of SSM.
Any binding agreement regarding the sale of the Tellus Towers joint venture project requires that SSM and its current joint venture partner Partners Group and Clear Real Estate Holding AB agree on the terms and conditions for a sale. SSM intends to provide further information on the potential sale at the latest when the terms have been agreed upon.
*Clear Real Estate Holding AB is controlled by Ulf Morelius and Ulf Sjöstrand, both of whom are members of the Board of SSM and company shareholders and are thus considered related parties.
This information is information 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 contact person set out below, at February 17, 2020 kl.13:10 CET.
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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. SSM is the leading property developer in its niche within the Greater Stockholm area and at end of December 2019, the company has approximately 4,500 building permits in its portfolio. SSM has been listed on Nasdaq Stockholm’s mainlist since April 6, 2017. www.ssmlivinggroup.com