SBB sells assets in Norway, Finland and Sweden for SEK 2,500m

SBB sells assets in Norway, Finland and Swedenfor SEK 2,500m

Nordic real estate company Samhällsbyggnadsbolaget i Norden AB (SBB) has agreed to sell seven properties in Norway, Finland and Sweden for SEK 2,500 million (appr. €243m).

Of these, SEK 2,280 million is used to reduce net debt, said SBB in a press release. 

The largest property in terms of value in the portfolio is Kunnskapsveien 55 in Lilleström in Norway, with OsloMet as the largest tenant and other properties consisting of public offices.

Of the sales proceeds, NOK 1,850m comes from sales to Public Property Invest AS (PPI), where SBB owns 48.8 percent. In connection with the transaction, SBB will invest NOK 215m in PPI. After the transaction, PPI has a total property value of approximately NOK 10,500m.

“We have a strong focus on higher ratings and sales in excess of our book values ​​further contribute to our opportunities to strengthen the balance sheet and reduce net borrowing,” said Oscar Lekander, Vice President and Chief Operating Officer, Samhällsbyggnadsbolaget i Norden AB.

The deals are signed and access will take place during the second quarter of 2022.