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Swedish landlord SBB rules out state support as cash dwindles | Business

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Swedish property group SBB on Friday ruled out state support as it sought to repair its battered finances, marred by a heavy loss and dwindling cash. | News24_Business

The $13 billion group, which owns swathes of property across Sweden, including hospitals and schools, racked up a pre-tax loss of 11.1 billion Swedish crowns in the second quarter, while its cash reserves shrank.

As of June 2023, the company had around 1.9 billion Swedish crown of cash and equivalents, less than half the level in December, when cash stood at 4.85 billion Swedish crowns. "When management were questioned on the book value versus disposal value of properties, Investor Relations cut off the analyst," said Fraser Perring of Viceroy Research, a short-seller in SBB that has published research critical of the company.

The group built up vast debts buying public property including social housing, government offices, schools and hospitals. SBB's problems are unfolding as Sweden struggles to contain a wider property crisis, with high debts, rising interest rates and a wilting economy producing a toxic cocktail for Sweden's commercial property companies.

 

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