In March 2017, SSM acquired the Bromma Boardwalk project (part of the Vanderberg 9 property) from Niam V SIC Bostad Holding AB. The municipality of Stockholm finalized the city plan shortly after the acquisition, but the decision was overturned when neighborhood residents launched an appeal about the project.
The purchase price for the project was 500 MSEK, of which SSM has paid 10 MSEK in cash. The payment was contingent on the city plan for the project gaining legal force and that the property formation occurred prior to February 28, 2019.
On December 14, 2018, the Swedish Land and Environment Court revoked the city plan for the project. Consequently, the terms and conditions cannot be met during the specified time period, which means that SSM is no longer liable to pay the purchase price.
SSM intends to continue discussions with Niam based on the new conditions for the project. The portion of the purchase price that SSM has already paid for the project will be refunded to SSM unless the parties agree otherwise.
The complete ruling is available at www.markochmiljooverdomstolen.se.
The information in this press release is such, which 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 persons set out below, at 07.15 CET on December 17, 2018.
For more information, please contact:
Mattias Roos, President & CEO
Chief Communications & IR Officer
Phone: +46 761 65 17 71
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 units and 50 percent rental units. SSM is the leading property developer in its niche within the Greater Stockholm area and in September 2018, the company has approximately 6,500 building permits in its portfolio. SSM was listed on Nasdaq Stockholm (Mid-cap) April 6, 2017 www.ssmlivinggroup.se