Samhällsbyggnadsbolaget i Norden AB (publ) (“SBB”) is selling two elderly care homes in Sollentuna and Haninge as well as a project property in Täby to Northern Horizon. The properties have a total lettable area of ​​21,238 sqm. SBB is also transferring a property to Northern Horizon with the possibility of future projects that SBB would have acquired as of 30 August 2022. Fully let, the properties generate a rental value of SEK 55.4 million per year. The total agreed property value amounts to SEK 1,382 million. SBB has given a discount of SEK 67 million against the latest market valuation / book value as of Q2 2022, partly due to the fact that one property is a project property and is not expected to provide rental income until two years from now.

"We continue with our work to strengthen the balance sheet through divestments and have with this divestment sold properties for SEK 4.5 billion during the month of July. We also continue to divest project properties that do not generate rental income. As we have previously communicated, we will do whatever required to strengthen our rating,” says Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB.

The deal is signed and unconditional. Closing will take place on 12 August 2022 regarding the completed properties, the project property is expected to close at the beginning of September 2022 and the transfer of the property to be aquired on 30 August 2022.