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Under the deal, SBB and funds managed by Castlelake have signed
a loan agreement of 5.7 billion Swedish crowns ($534.36
million). The joint venture will use the funds to acquire
properties from SBB, refinance debt to the Swedish firm and also
certain external debt, according to an SBB statement.
Atlas SP Partners will be part of the lenders, it said. The
portfolio will be operated through a management agreement with
SBB from which the properties are being acquired for 9.5 billion
Swedish Crowns, the market value as of March 31, 2024, it added.
SBB and Castlelake signed a similar deal in February for another
joint venture to receive a loan of 5.2 billion Swedish crowns.
SBB announced in March it is buying back its debt at a discount
of 60% compared to their original value, in an attempt to calm
investors' nerves as it scrambles to tackle a multi-billion debt
pile.
The Swedish landlord predicted earlier this month that financing
conditions would improve as it was making further write downs on
the value of its properties.
($1 = 10.6669 Swedish crowns)
(Reporting by Urvi Dugar in Bengaluru; Editing by Chris Reese
and Muralikumar Anantharaman)
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