Sweden's SBB reports $175 million Q3 loss

02 Dec 2024 CW Team

Swedish real estate firm SBB posted a pretax loss of 1.92 billion Swedish crowns for the third quarter of 2024, an improvement from the 3.13 billion crown loss reported in the same period last year. The company, which owns properties such as hospitals and care homes across Sweden, continues efforts to reduce debt and restructure its operations amid challenging market conditions.

While Carlsquare analyst Bertil Nilsson described the results as "not particularly strong," SBB remains focused on achieving financial stability. Over the past year, the company has implemented measures such as repurchasing debt at discounts, decentralizing operations, and spinning off subsidiaries to address its financial woes.

CEO Leiv Synnes noted a shift in the capital market for Swedish real estate companies and expressed optimism for better conditions after the new year. “With some lag, better access to capital will lead to increased demand for properties,” Synnes said.

SBB had previously amassed significant debt acquiring properties during a period of low borrowing costs. However, with rising interest rates and a weaker economy, Sweden has become one of the hardest-hit markets in Europe. The company’s shares have plummeted over 90% since their peak in 2021.

(ET)

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