Magnolia Bostad sells 197 residential units to Hines
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 opening at the end of 2028. 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 will be certified in accordance with the Swedish Green Building Council's silver certification and constructed to at least energy class B.
For more information, please contact:
Mats Brandt, CEO
Mats.Brandt@magnoliabostad.se
+46 76 265 02 14
Erik Tobisson, Head of Financing & IR
Erik.Tobisson@magnoliabostad.se
+46 70 050 52 40
About Magnolia Bostad
Magnolia Bostad (publ), co. reg. no. 556797–7078, is a property developer that develops new housing in attractive locations in Sweden's metropolitan areas. Since the company was founded in 2009, we have built 16,000 homes with a total value of SEK 30 billion. The company operates from offices in Stockholm and Göteborg. Our work is guided by a holistic approach where business is carried out in a way that promotes long-term sustainable urban development. The company's bonds are listed on Nasdaq Stockholm. More information is available at www.magnoliabostad.se