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Peab acquires land for 40,000-sq-m development on island of Lilla Essingen

Aerial view of the island of Lilla Essingen in Stockholm (Arild Vågen/CC BY-SA 4.0)
Swedish builder Peab has signed a contract for the acquisition of part of the property “Stockholm Primus 1” on the island of Lilla Essingen in Stockholm from Oscar Properties for an underlying property value of approximately $130m (SEK 1,167 million).

The property comes with a legally binding zoning plan that allows apartment buildings, city centre activities, office buildings, a preschool, commerce and a parking garage.

It also comes with development rights for around 40,000 sq m of habitable gross floor area.

Peab said it will “develop new city boroughs and incorporate the qualities already in place”.

“As community builders the opportunity to develop such a central part of the city as Lilla Essingen is really interesting,” said  Göran Linder, Peab’s manager of project development.

“Thanks to the strength of our four business areas we will be able to cohesively develop this property. Being able to enrich an area this way on our own is right in line with the Peab Group’s strategy.”

Access and payment are expected to take place during the fourth quarter of 2021.

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