Shares in Swedish property company SBB have plunged to a five-year low after it was forced to abandoned plans to bolster its finances.
Shares in Swedish property company SBB SE:SBB.B have plunged to a five-year low after it was forced to abandoned plans to bolster its finances.
The beleaguered landlord, with $8.1 billion of debt, has been caught out by slumping property prices and sharply higher interest rates after the Riksbank increased borrowing costs to tackle inflation. SBB’s portfolio is mostly government buildings throughout the Nordic region as well as rent-regulated Swedish residential property.
The precarious condition of SBB is emblematic of the difficulties facing Sweden’s commercial property sector. As asset prices fall, Swedish landlords must roll over $40.8 billion of maturing bond debt over the next five years, a quarter of which falls due in 2023, according to Bloomberg.
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