The real estate company SBB has entered into an agreement to sell three subsidiaries to the Norwegian real estate company Public Property Invest (PPI). The deal is worth SEK 32 billion, SBB writes in a press release.
The deal means that SBB will transfer around 740 so-called community properties in Sweden, Norway, Denmark and Finland. This includes municipal buildings, retirement homes, preschools and schools.
SBB is the main owner of PPI and holds nearly 34 percent of the shares. If the deal and the planned subsequent share issue are fully implemented, SBB's ownership stake in PPI will amount to 40 percent.
The transaction must be approved by SBB's and PPI's shareholders at the companies' extraordinary general meetings, which are expected to be held before the end of the year.
PPI has also “announced its intention to move its registered office to Sweden.” The company will apply for listing on the Stockholm Stock Exchange.
