Samhällsbyggnadsbolaget i Norden has agreed to enter into a joint venture, SBB Social Facilities, together with funds managed by global alternative investment manager Castlelake, and supported by ATLAS SP Partners (together the “Lenders”). In connection with the establishment of the joint venture, cash proceeds are released through a loan agreement between SBB Social Facilities and the Lenders for approximately SEK 5.7 billion (EUR 508 million). SBB Social Facilities will use the loan proceeds to acquire properties from SBB, to refinance debt to SBB and to refinance certain external debt.

SBB Social Facilities acquires the properties from SBB at the market value as of 31 March 2024, amounting to SEK 9.5 billion (EUR 847 million). The portfolio will be operated and managed by SBB Social Facilities through a management agreement with SBB.

SBB will use the proceeds from the Transaction to enable further strategic measures and to secure long-term stable liquidity.

"The transaction confirms the underlying value of our portfolio. The cash proceeds provide us with further financial flexibility to implement proactive and strategic measures in a structured and thoughtful way", says Leiv Synnes, CEO of SBB.

The Transaction is subject to customary closing conditions. The Transaction is not subject to competition clearance. Closing will occur as soon as all closing conditions have been fulfilled, which is expected to occur in June 2024.

J.P. Morgan, Vinge and Wistrand advised SBB, DLA Piper and CBRE advised Castlelake and CWT and Roschier advised ATLAS.