The face of Sweden’s property crisis has sold some properties to a municipality to strengthen its financial position.
Samhallsbyggnadsbolaget i Norden AB, or SBB as it’s more commonly known, has sold eight properties in the Swedish town Linkoping to municipality-owned firm Lejonfastigheter for 400 million kronor ($37 million), according to a statement. The firm didn’t disclose how the sale amount compares to the properties’ book value.
Despite being a small deal compared with SBB’s $8 billion debt pile, the divestment could be a welcoming sign for the property firm which is looking to strengthen its balance sheets through asset sales at a time when the transaction market has slowed to the lowest volumes in ten years.
Read the full story on Bloomberg here.