JM acquires 1,300 residential rights and projects in Norway

Nordic housing developer JM has agreed to acquire approximately 1,300 residential building rights and four ongoing residential projects in Oslo and Bergen, Norway.

Mikael Åslund

The value of the deal, which includes land and operations, is roughly SEK 1.1 bn (€98.2 mln), and the seller is Norwegian developer Nåbo.
The building rights, valued at around SEK 600 mln (€53.6 mln), of which SEK 170 mln (€15.2 mln) are optional, are mostly located in the Oslo region and are in various planning stages. This deal is contingent on approval from the Norwegian Competition Authority and will be reported under JM Norway starting in Q1 2026 if approved.
Financing will involve assuming existing construction credits and land financing, a seller's promissory note, and existing cash, increasing JM's net loan debt by approximately SEK 600 mln (€53.6 mln). Partial payment will occur upon legal title transfer, with final payment in Q3 2029.
The four ongoing residential projects comprise 299 units, two in Bergen and two in Oslo, all currently selling and expected to be completed between Q3 2026 and the end of 2027. These projects are anticipated to boost the operating margin of the business segment starting in 2026.
This acquisition strengthens JM's presence in Norway's areas with the greatest housing shortages, with a long-term pipeline of over 1,300 potential residential units. It is expected to gradually increase JM Norway's annual revenue by close to SEK 1.0 bn (€89.4 mln) over about seven years.
Mikael Åslund, president and CEO of JM, said: “The combination of attractive development land, ongoing projects and an experienced team enables us to increase the pace of our development operations while strengthening our position as the leading housing developer in the Nordic region.”
Hilde Vatne, business unit manager JM Norway, added: “Through this acquisition, we secure projects with an expected contribution to earnings already in 2026. The investment is supported by an attractive capital structure and efficient utilisation of existing capacity and strengthens JM’s position in strategically important markets.”