Norwegian Aker – the Norwegian billionaire Kjell Inge Røkke's corporate group – becomes the largest shareholder in terms of capital share, writes SBB in a press release.
"We are willing to provide additional capital and will utilize our expertise on the capital market, our industrial heritage, and our proven experience to facilitate SBB's transformation and long-term value creation", says Øyvind Eriksen, CEO and Group President of Aker ASA, in a press release.
Welcome new owner
Lennart Sten, Chairman of the Board of SBB, welcomes the new major owner.
"We see that today's deal between PPI and Aker Property Group and the directed issue from SBB to Aker Property Group will give SBB increased earnings and a lower debt-to-equity ratio. We improve through this deal the financial situation for SBB and all its stakeholders", he says in the press release.
The announcement comes simultaneously as SBB reports a profit before tax of 1.9 billion kronor for the first quarter of the year. This can be compared to a loss of 1.2 billion during the corresponding quarter last year.
Rent revenues decreased to 830 million kronor, from 1.1 billion a year earlier. The so-called operating net also decreased, down to 510 million from 736 million.
Up in comparable portfolio
However, according to CEO Leiv Synnes, lower costs mean that operating net increases in the portfolio, up 4.3 percent compared to the first quarter last year.
"Increasing operating net in the comparable portfolio is what long-term increases cash flow from properties and thereby also generates positive value growth in the property portfolio", Synnes in a comment in the interim report.
Rent revenues also increased in the comparable portfolio, up by 2.7 percent.
