Magnolia Bostad sells 197 residential units to Hines
Correction: Magnolia Bostad sells 197 residential units to Hines
Correction of the previous press release regarding the description of the area and the planned building.
Magnolia Bostad and Hines are expanding their collaboration through a new residential project in Veddesta, Järfälla. The project comprises 197 rental apartments totalling around 9,200 square metres of residential area and has been divested to Hines through a forward funding transaction.
The residential project Konduktören is scheduled for completion in Q1 2029. The transaction builds on the parties' collaboration in Kista Äng and marks the second project that Magnolia Bostad and Hines are developing together.
"The transaction demonstrates our ability to develop attractive residential projects that meet the requirements of long-term investors. Completing our second transaction together with Hines shows the value of close collaboration. We look forward to realising the project in Veddesta together with Hines and other partners," said Mats Brandt, CEO of Magnolia Bostad.
The residential project has been developed and adapted in close collaboration with Hines, and transfer of legal title has taken place on 30 September.
“Living is a high-conviction sector for Hines, and we see significant long-term potential in the Stockholm metropolitan area. Veddesta is an attractive residential location and will benefit further from the improved connectivity with the subway station. This project builds on our collaboration with Magnolia Bostad in Kista, and we are pleased to work together again as we continue growing our residential portfolio in Sweden.” said Staffan Unge, Head of Nordics at Hines.
Veddesta is undergoing extensive urban development, and the project sits directly alongside Barkarby station, which offers a commuter train connection to central Stockholm with a journey time of around 15 minutes. When the new metro line opens, the station in Veddesta will link the metro, commuter trains, buses and regional and long-distance trains, further strengthening the area's accessibility.
The apartments will be built to a high standard, and the building is planned to be certified in accordance with the Swedish Green Building Council's silver certification and constructed to at least energy class B.