The Swedish real estate company SBB explores its sale in the face of the crisis in the sector

MADRID, 29 May. (EUROPA PRESS) -

The Swedish real estate fund SBB (Samhallsbyggnadsbolaget i Norden AB) has decided to broaden the scope of the strategic review to consider different alternatives to maximize shareholder value, including the sale of the company or of specific business segments or assets, as well as other strategic transactions.

"The board believes that the inherent value of the shares in the business is significantly higher than the current market value of SBB," the company has defended, after the value of SBB shares accumulated a fall of around 75%. in so far this year.

"SBB's board has decided that it is in the interest of shareholders to broaden its review of strategic alternatives to determine which of the available alternatives maximizes shareholder value," it explained.

Thus, the real estate company has hired JP Morgan Securities and Skandinaviska Enskilda Banken AB as financial advisors, while the firm Vinge has been hired as legal advisor.

SBB's announcement comes after Fitch agency downgraded the company's credit rating to junk, downgrading the debt to 'BB' from 'BBB-' with a negative outlook, after S

In this sense, as it had announced on May 8, the SBB board has confirmed that among the different strategic alternatives that it will analyze there is not the possibility of carrying out a new share issue.

After the rating downgrade from S

Subsequently, SBB completed the sale of the majority of its stake in Scandinavian building company JM in order to strengthen its liquidity and the company's financial position.

Specifically, SBB sold 19 million JM shares, around 29.5% of the capital, at a unit price of 148.10 kroner, which represents an aggregate amount of about 2.8 billion kroner (249 million euros), assuming significant disabilities.