Bertil Nilsson News Today

The troubles at one of Swedens largest commercial landlords are unfolding as the country attempts to ride out a persistent property crisis, triggered by high debts, rising interest rates and a wilting economy.

The chair and another board member at Oscar Properties are leaving the group, the struggling Swedish landlord said late on Thursday, as its problems continue to deepen. The statement...

Oscar Properties: The statement followed news that holders of its senior unsecured bonds were seeking immediate repayment of some 884 million Swedish crowns ($81 million).

The property group, which has been scrambling to cut its debt mountain, recently repaid some bondholders a fraction of what they were owed in a tender offer.

STOCKHOLM: Swedish real estate group SBB says it will buy back debt at a discount of 60% compared with the debt’s original value, in an attempt to calm investors’ nerves as it scrambles to tackle a multi-billion-dollar debt pile.

SBB: The buyback will trim the struggling property companys debts, which amounted to some 62 billion Swedish crowns ($5.9 billion) at the end of last year.

Oscar Properties, one of several highly indebted Swedish real estate groups buckling under soaring borrowing costs and slower demand, said in a statement Carl Janglin would stay on as CEO until a successor had been appointed.

-Swedens Oscar Properties has reluctantly agreed to sell real estate at a discounted price of 2.2 billion Swedish crowns to repay loans from Norwegian bank DNB and other smaller creditors, the... -January 15, 2024 at 12:32 pm EST - MarketScreener

Loss-making SBB is at the epicentre of a Swedish property crash, having racked up vast debt by buying public real estate, including social housing, government offices, schools and hospitals.

SBB, which owns properties across Sweden including hospitals and care homes, reported a pre-tax loss of 3.13 billion Swedish crowns ($287 million) for continuing operations, compared to a loss of a revised 2.56 billion a year ago.