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SBB: The buyback will trim the struggling property company's 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.
-Sweden's 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.