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BRIEF-Magnolia Bostad says framework agreement with Slättö no longer conditional
May 2, 2017 / 6:35 AM / 4 months ago

BRIEF-Magnolia Bostad says framework agreement with Slättö no longer conditional

May 2 (Reuters) - MAGNOLIA BOSTAD AB

* FRAMEWORK AGREEMENT WITH SLÄTTÖ NO LONGER CONDITIONAL, SCOPE INCREASED TO A MINIMUM OF SEK 7 BILLION

* AGREEMENT INVOLVES SLÄTTÖ ACQUIRING RESIDENTIAL PROJECTS FROM MAGNOLIA BOSTAD WITH A VALUE OF AT LEAST SEK 5 BILLION

* SAYS FRAMWORK AGREEMENT IS NO LONGER SUBJECT TO SLÄTTÖ OBTAINING NECESSARY FINANCING

* SCOPE OF AGREEMENT HAS BEEN EXTENDED FROM ACQUISITION OF A MINIMUM OF SEK 5 BILLION TO A MINIMUM OF SEK 7 BILLION

* AGREEMENT CONJOIN SLÄTTÖ TO ACQUIRE BETWEEN APPROXIMATELY 3,500 TO 7,000 RESIDENTIAL UNITS.

* SAYS PARTIES HAVE SHARED INTENTION OF DEVELOPING APPROXIMATELY 25 PERCENT OF APARTMENTS AS TENANT-OWNED UNITS. Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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