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The luxury builder Oscar Properties buys a project in Stockholm by the bankruptcy of Axxonen Properties. The purchase price rises to 1 million SEK.
Real estate developer Oscar Properties, according to a press release, buys Penthouses cinemas from Axxonen Properties Bankruptcy. The purchase price amounts to SEK 1 million and applies to part of the property, Stockholm Ruddammen 29.
Read also: The Axxonen denounces the whole activity: "Our apartments are not salable"
Since the end of May, Oscar Properties plans to take over the construction of Brf Biografen. Throughout the process, even when the construction rights belonged to Axxonen, it was expected that the Allegro subsidiary, owned by Oscar Properties, would be responsible for the entire contract. Oscar Properties is expecting a positive result for the project.
"We are following the Cinema project carefully and are ready to take it in hand without losing speed, and we will see how we will evolve, with a partner or with a partner," commented managing director Oscar Engelbert.
In 2017, Oscar Properties Cinema Penthouses was sold to Axxonen Properties for 125.3 million euros. The sale involved part of the property and an extension. However, due to the bankruptcy of Axxonen, the profit of Oscar Properties was lost at this sale.
Read also: Sinking profits for luxury builder Oscar Properties – sold only 12 homes
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