MAQS advises on the Culture Casbah property project

2017-10-04

MAQS Advokatbyrå assisted MKB Fastighets AB (“MKB”) in connection with MKB’s formation of a single real estate company together with three private real estate companies - Heimstaden, Balder and Victoria Park - which will become Rosengård’s largest property company. The project is referred to as Culture Casbah. The transaction value amounted to approximately SEK 1.1 billion.

For many years, MKB has planned to carry out a major development project called Culture Casbah in the Rosengård district. The project includes, among other things, an extensive increase in the development density of the existing buildings and a taller building, the so-called Tower, as a landmark. Initially, MKB will convey approximately 1,660 flats to the joint company. After this, it is anticipated that approximately 200 additional new dwellings and approximate 30 new commercial premises will be built. On the long term, there is a desire to create an additional 300 dwellings

During the planning of the project, MKB noted that it would be advantageous for the project to be developed and built together with other parties on the real estate market. On a broader perspective, the goal is for the project itself to be the catalyst for a positive socioeconomic development in the entire district including the surrounding areas.

The joint property company, Rosengård Fastighets AB, took possession of the properties on 2 October 2017.

MAQS’ team consisted primarily of lead partner Bo Ransnäs and attorneys Pontus Gunnarsson, Ulf Yxklinten, Cecilia Uddman, Krister Hjelmstedt, as well as jur. kand. Emelie Rexelius.

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