The chief executive of SBB, the company at the center of Sweden’s property crisis, says more capital will be needed despite the landlord securing 8 billion kronor ($720 million) in new funds from a deal with Canadian investor Brookfield Asset Management Ltd.
Samhallsbyggnadsbolaget i Norden AB — as the company is formally known — is scrambling to refinance about $1.3 billion of maturing bond debt by 2025 to avert a funding crunch. The credit rating on its debt is currently classified as “vulnerable to non-payment,” according to Standard & Poor’s. SBB CEO Leiv Synnes spoke to Bloomberg News first after announcing the deal with Brookfield on Sept 24. Comments have been edited for length and clarity.
Through this deal with Brookfield we go down to 49.8% ownership in our portfolio of school buildings, which is called EduCo. That will enable the company to seek funding on the capital market on its own terms. The idea is that we, together with Brookfield, can take up funds on the capital market to add sufficient money to this division.Not in the short-term perspective. In the mid-term and longer out it looks brighter for SBB.
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