JM AB signed a 437 million Swedish kronor deal with the city of Stockholm to acquire a piece of land in the city's Persikan area.
The site carries redevelopment approval for a roughly 280-unit residential scheme. An old bus depot which occupies the site will be torn down to give way for the redevelopment.
Occupancy of the scheme and settlement of the payment will take place in phases between 2019 and 2021.
As of March 23, US$1 was equivalent to 8.25 Swedish kronor.