Liquidity problems burden numerous Swedish real estate companies.
(Photo: Reuters)
Stockholm The turbulence surrounding the Swedish real estate group Samhällsbyggnadsbolaget i Norden (SBB) continues: For the second quarter of this year, SBB reported a pre-tax loss of 11.1 billion crowns (960 million euros), after 2.6 billion crowns in the same quarter last year.
The group specializing in rental apartments – one of the largest in the country – has been suffering from a debt burden of around 7.5 billion euros since the rise in interest rates. The significantly increased minus in the second quarter is due, among other things, to losses on the sale of treasury shares and impairments of real estate.
“We are currently running several processes to strengthen the company’s financial situation,” said SBB CEO Leiv Synnes. “Fresh equity can, for example, be added to subsidiaries through new issues,” he continued, emphasizing that the company’s strategic orientation was also being reviewed.
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