Oscar Properties in Sweden sells discounted real estate

Oscar Properties, a Swedish company, has reluctantly announced its decision to sell real estate at a discounted price of 2.2 billion Swedish crowns in order to repay loans from Norwegian bank DNB and other smaller creditors. The revelation was made by the company, citing high debts, increasing interest rates, and a weak economy as factors that have led Swedish property companies to struggle with soaring borrowing costs and diminished demand. CEO Carl Janglin expressed the company's desire to retain ownership of the properties, We would have liked to have continued to own these properties, but our senior bank DNB wanted to have its loans repaid. The real estate involved in the compelled sale is estimated to be worth around 3 billion crowns, with the sale representing a discount of 27%, according to the company's announcement. Following the sale, the company's shares experienced an 85% surge, although they later reduced gains to close up around 19%. Over the past 12 months, the stock has witnessed a decline of more than 80%. Oscar Properties declared in a statement that it intends to continue discussions with owners and remaining lenders to explore options for restoring equity and securing new capital.