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JM buying Norwegian asset for 340M kronor

Sweden-based residential developer JM AB has agreed to pay 340 million Swedish kronor to purchase the Bergerveien 12 property in Asker, Norway, from local pension company KLP.

The asset forms part of the larger Vestre Billingstad development site, where about 1,600 new residential units are set to be developed, and has approval in place for the construction of 570 apartment units.

The sale of the project's Bergerløkka first phase, comprising 47 units, has already started, with occupancy of the property expected to take place in the first quarter.

Settlement of the acquisition will occur in the second quarter, according to a release.

As of March March 27, US$1 was equivalent to 8.22 Swedish kronor.