Swedish Landlord SBB's Norwegian Associate Plans Oslo Listing

Dow Jones04-03

By Dominic Chopping

Public Property Invest, a Norwegian property owner in which Sweden's SBB holds a 44.8% stake, plans to launch an initial public offering and list in Oslo.

Samhallsbyggnadsbolaget i Norden--known as SBB--borrowed heavily to pay for a sprawling portfolio of public property, including social housing, healthcare facilities, schools and government buildings, but after being hit hard by rising interest rates it has been selling and spinning out portions of its portfolio to raise cash.

In connection with the IPO, SBB will sell a portfolio of 13 Norwegian properties to Public Property Invest for 1.19 billion Norwegian kroner ($109.8 million), with payment to be settled with new shares from the offering.

SBB will also transfer its Norwegian organization and a NOK400 million bank loan to Public Property Invest as part of the deal.

The IPO is expected to raise gross proceeds of NOK1.5 billion to NOK2 billion, and the first day of trading on the Oslo Stock Exchange is seen at the start of the second quarter, subject to regulatory approvals and equity capital market conditions, it said.

SBB will not subscribe for new shares in the IPO but is committed to remain a long-term shareholder, it added.

Ilija Batljan, who founded SBB in 2016 and until last year headed the company, is interim Chief Executive of Public Property Invest. He said the contemplated IPO will strengthen the balance sheet and as a public company will improve visibility, give better access to capital markets and broaden its shareholder base.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

April 03, 2024 08:23 ET (12:23 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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