SBB divests a JV-company and an office property to Aspelin Ramm Fastigheter for SEK 700 million

Samhällsbyggnadsbolaget i Norden AB (publ) ("SBB") sells 50 percent of the company that owns the development property Göteborg Gamlestaden 2:8 to current JV partner Aspelin Ramm Fastigheter, whereby Aspelin Ramm Fastigheter becomes the 100 percent owner. Furthermore, SBB sells to Aspelin Ramm Fastigheter the adjacent wholly owned office property Göteborg Gamlestaden 2:5. The sale price (for the wholly owned property and the JV shares) amounts to approximately SEK 700 million after the deduction for costs and deferred tax of a total of approximately SEK 51 million. The underlying property value is below book value by approximately 5 percent.

Gamlestaden 2:5 is a property in the public office segment and Gamlestaden 2:8 is a vacant development property which is to be adapted for new tenants. The total lettable area is approximately 37,000 square meters for both properties and the annual rental income is approximately SEK 29.7 million för Gamlestaden 2:5. The tenants are a mix of commercial tenants and public tenants. The closings are planned for November 2022. 

"SBB is very focused on reducing its exposure to JV companies in order to focus on wholly owned holdings. Selling offices is also in line with the company's strategy to prioritise ownership of social infrastructure. It feels right that the locally strongly rooted developer Aspelin Ramm gets to take a comprehensive approach to development in the area," says Krister Karlsson, COO and Deputy CEO, Samhällsbyggnadsbolaget i Norden AB.

For further information, please contact:

Krister Karlsson, COO and Deputy CEO, Samhällsbyggnadsbolaget i Norden AB, krister@sbbnorden.se

Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) is the Nordic region’s leading property company in social infrastructure. The Company’s strategy is to long term own and manage social infrastructure properties in the Nordics and rent regulated residential properties in Sweden, and to actively work with property development. Through SBB’s commitment and engagement in community participation and social responsibility, municipalities and other stakeholders find the Company an attractive long-term partner. The Company’s series B shares (ticker SBB B) and D shares (ticker SBB D) are listed on Nasdaq Stockholm, Large Cap. Further information about SBB is available at www.sbbnorden.se.