Sweden-based property management and construction company Fabege and multinational construction and development company Skanska Sweden are acquiring around 150,000 m2 of land in Solna, Sweden, as potential for urban development has opened up in the area.
The real estate potential is the result of the expansion of the Mälarbanan railway line.
There is now scope for 1,000 new homes and 2,000 new jobs emerging next to Solna Business Park and nearby Huvudsta.
Fabege’s land acquisition will create around 10,000 m2 of housing and around 52,000 m2 of office space.
The estimated land purchase price $105m will be paid to the city of Solna when the new developments occur.
As Mälarbanan expansion commences in 2023, the new buildings are expected to be constructed between 2030 and 2040.
Solna Municipal Executive Board chairman Pehr Granfalk said: “The development of central Huvudsta is by far Solna’s largest and most complex urban development project, as the railway will be put underground and lined with new buildings. It therefore feels good that we are working with two companies that have extensive experience of urban development in complex metropolitan environments.”
Solna’s Municipal Executive Board is expected to sanction the agreement on 29 March 2021.
Fabege president and CEO Stefan Dahlbo said: “Along with our current development of Arenastaden, Haga Norra and Solna Business Park, the land acquisition is a natural addition that contributes to new value-creating opportunities in Solna in a long-term perspective. The geographical location and Solna’s many advantages mean that we are keen to increase our portfolio in the area.”
Part of this extensive acquisition, Skanska Sweden’s 85,000 m2 of land acquisition will be giving rise to housing with scope for service outlets such as restaurants at the street level, along with a communal home for supported housing and two nursery schools.
The emergence of a new commuter train station in Huvudsta and a new station entrance for Sundbyberg station in Solna Business Park will improve public transport accessibility in the area.
Conditions for substantial urban development have been created, as there is now scope for 1,000 new homes and 2,000 new jobs cropping up next to Solna Business Park and into Huvudsta. Credit: by Ana Bórquez/Unsplash.