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☆ Sweden's SBB posts bigger Q3 loss
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Marie Mannes/File Photo Acquire Licensing RightsSTOCKHOLM, Nov 13 (Reuters) - Debt-laden Swedish property group SBB (SBBb.ST) reported a widening of its pre-tax loss in the third quarter on Monday. The landlord, which owns properties across Sweden including hospitals and care homes, reported a pre-tax loss of 3.13 billion Swedish crowns ($287 million) for continuing operations, compared to a loss of a revised 2.56 billion a year ago. This was weaker than Carlsquare analyst Bertil Nilsson's expectation of a loss of 2 billion crowns. SBB slashed its property values by 3.52 billion crowns in the quarter, after analysts had warned property values in the sector could continue to see pressure from high interest rates. Its net operating income came in at 0.93 billion crowns, down from revised 1.02 billion a year earlier.

Persons: Marie Mannes, Bertil Nilsson's, Greta Rosen Fondahn, Terje Solsvik Organizations: SBB, REUTERS, Rights, Brookfield, Thomson Locations: Stockholm, Sweden, Rights STOCKHOLM, Swedish

☆ SBB shares up 37% on cash infusion, end of strategy review
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

OSLO, Sept 25 (Reuters) - Shares of Swedish property group SBB (SBBb.ST) rose 37% in early trade on Monday after it announced on Sunday it would reorganise its business, securing an 8 billion crown ($719 million) cash boost and ending a strategic review. "The fact that SBB is freeing up 8 billion crowns must be seen in a very positive light. In a crisis, it is almost all about having liquidity, and SBB is getting it now," Carlsquare analyst Bertil Nilsson said. SBB, which has seen its shares plunge 95% since early 2022 on concerns over the group's viability, also on Sunday presented a decentralised structure to boost its transparency and funding options. ($1 = 11.1296 Swedish crowns)Reporting by Terje Solsvik and Jesus Calero, editing by Anna RingstromOur Standards: The Thomson Reuters Trust Principles.

Persons: Bertil Nilsson, Terje Solsvik, Jesus Calero, Anna Ringstrom Organizations: SBB, EduCo, Brookfield Asset Management, Brookfield, Core Infrastructure Partners, Thomson Locations: OSLO, EduCo, Brookfield, Swedish

☆ SBB sells 1.16% of education unit, receives $700 million as part of loan repayment
▼ + stars: | 2023-09-24 | by ( Rishabh Jaiswal | ) www.reuters.com time to read: +2 min

Sept 24 (Reuters) - Swedish property group SBB (SBBb.ST) on Sunday divested 1.16% of its education subsidiary EduCo to Brookfield Super-Core Infrastructure Partners for around 242 million Swedish crowns ($21.73 million) as it looks to bolster its finances. SBB will hold approximately 49.84% of EduCo after the divestment, following which EduCo will be controlled by Brookfield. As part of the deal announced on Sunday, EduCo will repay part of its inter-company loan from SBB, resulting in the Stockholm-based company receiving approximately 7.8 billion Swedish crowns ($700.46 million) in cash. SBB's remaining loan to EduCo will be around 5.5 billion Swedish crowns. Brookfield Super-Core Infrastructure Partners is the infrastructure fund of Canada's Brookfield Asset Management(BAM.TO).

Persons: EduCo, Brookfield, Rishabh, Barbara Lewis, Sharon Singleton Organizations: SBB, Sunday, Brookfield, Core Infrastructure Partners, International Monetary Fund, Brookfield Asset Management, Community, Thomson Locations: Brookfield, Sweden, Stockholm, EduCo, Bengaluru

☆ Factbox: Corporate debt woes are on the rise
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +4 min

Size of debt: 14 billion pounds ($18.33 billion). The firm said earlier in July shareholders would provide 750 million pounds, but warned it would need an extra 2.5 billion pounds between 2025-2030. Size of debt: 6.4 billion euros ($7.19 billion) in net debt. What's at stake: Casino faces 3 billion euros of debt repayments in the next two years, with rating agencies Moody's and Standard & Poor's warning a default is likely. Deadlines to watch: Casino aims to secure an agreement with creditors by July 27.

Persons: Toby Melville, What's, Jean, Charles Naouri, Casino, Daniel Kretinsky, Kretinsky, Chiara Elisei, Dhara, Christina Fincher Organizations: Thames, REUTERS, Water, Casino, SBB, Thomson Locations: London, Britain, LONDON, Sweden, France, England, Czech, Brookfield, Spain, Barcelona

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