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 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.
The development marks the first significant breakthrough for SBB Chief Executive Officer Leiv Synnes, who replaced embattled founder Ilija Batljan in June. SBB, which owns schools, elderly care homes and other public-sector buildings, put itself as well as its entire portfolio up for sale as it tries to manage an $8 billion debt pile amid sharply rising interest rates.
“SBB benefits from establishing majority or minority-owned business units that can autonomously raise both equity and debt capital,” CEO Synnes said in the statement.
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