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SBB sells five properties with an agreed property value of SEK 835m

Samhällsbyggnadsbolaget i Norden AB (SBB) has sold five office properties to five different buyers in five transactions, among them Von Conow 57 office property in Malmö, which was acquired by Castellum for SEK 216 million (c €20.4 million) [we reported]. This is the result of the new divestment strategy, where the portfolio that was planned to be sold to Nyfosa is split up and properties are sold property by property, the effect being that the purchase price SBB receives is higher.

The total agreed property value of SEK 835m (c. €79 million) exceeds the book value in Q1 2020 by 6 per cent and exceeds Hemfosa's valuation from Q3 2019 by 17 per cent. Under certain conditions, SBB can receive an additional SEK 15 million in deferred purchase price consideration. SBB has thus far divested properties for a value totalling SEK 4.22 billion since 23 December 2019.

“We are experiencing a high demand for our cash flow properties. SBB’s transaction team is currently engaged in several dialogues for the sale of individual properties from the Hemfosa portfolio, and we feel comfortable in that we will be able to continue to deliver divestments with the ambition to achieve a BBB+ rating within the next 12 months”, says Ilija Batljan, CEO and Founder of SBB.