Development Rebirth Underway in Malmö, Sweden

Located on the Southern end of Sweden, the city of Malmö is seeing a large amount of activity with a newly-announced residential development.
Osterport (1)

Located on the Southern end of Sweden, the city of Malmö is seeing a large amount of recent activity with a newly-announced residential development in its Vårsången neighborhood. Peab has been awarded a contract worth approximately $23.5 million and is set to develop a new mixed-use community for Fastighets AB Trianon. On the commercial real estate front, the city has seen an important office asset trade hands. Skanska sold its Österport 7 property to SPP Fastigheter for a total of about $40 million.

The property is the first European asset to have received LEED Platinum level certification, and the complex has also received the Sweden Green Building Award in the category for existing buildings in 2012. Its green accolades also include environmental certification according to EU Green Building, and the Scandinavian Green Roof Association’s first prize in 2011, which it won for its roof gardens. The eight-story office building is located in the Drottningtorget area of downtown Malmö. The 1969-built asset was acquired by Skanska back in 1999, and has since been part of the company’s Green Initiative.

The residential development will take shape in an area of the city that hasn’t seen a new construction project for three decades. Peab will build 121 new apartments, with construction set to immediately begin, while completion is currently scheduled for June 2017. The community will also include a kindergarten and a gym. Part of the civil projects Vårsången, the development strives to create jobs for the community, and will employ 10 people from the Lindängen area, both of the ventures will be reported for the second quarter of 2015.