Struggling Swedish landlord SBB took a major step toward stabilizing its finances after agreeing to sell a further stake in a portfolio of school buildings to Canada’s Brookfield Asset Management Ltd.
Samhallsbyggnadsbolaget i Norden AB — as the company is officially known — agreed to sell a 1.16% holding in the education division to Brookfield, making the Canadian investor the majority shareholder after it already owned 49% of the unit called SBB EduCo AB.
In what is a complex chain of events, the transaction will see SBB get a cash injection of 8 billion Swedish kronor ($720 million) as a result of a part repayment of a 14 billion kronor inter-company loan that was put in place in 2022 when Brookfield first became an owner in EduCo, according to a statement on Sunday evening.
Read the full story on Bloomberg here.