SBB, the embattled developer at the center of Sweden’s property crisis, is considering carving out its entire residential business with a portfolio of 36.5 billion kronor ($3.4 billion) for an initial public offering, according to a person familiar with the matter.
Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — has asked SEB AB to explore options for a potential listing either in the fourth quarter of this year or the first half of 2024, the person said, asking not to be identified as the discussions are private. SBB intends to keep a material shareholding following the IPO, the person said.
As an alternative, SBB is also considering bringing in one or two institutional investors to control 50% of the residential portfolio while retaining the other half, the person added.
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