BRIEF-SBB Sells SEK 6.83 Bln Residential Portfolio To Klarabo In Share Deal

Morgan Stanley

Morgan Stanley

MS

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May 18 (Reuters) - Samhällsbyggnadsbolaget i Norden SBBb.ST:

  • SAID ON MONDAY IS TO DIVEST SBB RESIDENTIAL PROPERTY AND RESIDENTIAL PORTFOLIO FROM SBB DEVELOPMENT TO KLARABO, VALUING ASSETS AT SEK 5.86 BLN AND SEK 973 MLN

  • CONSIDERATION WILL BE PAID IN KLARABO EQUITY: 32,600,001 CLASS A SHARES AND 74,997,402 CLASS B SHARES

  • SVEAFASTIGHETER AND KLARABO ADOPTED A MERGER PLAN

  • SBB STAKE IN SVEAFASTIGHETER IS SET TO FALL TO 58.5% FROM 63% ONCE TRANSACTION CLOSES

  • TRANSACTION EXPECTED TO GENERATE SEK 120 MLN IN ANNUAL SAVINGS AND TERMINATE MORGAN STANLEY JOINT VENTURE TIED TO SBB RESIDENTIAL PROPERTY THAT CARRIED 13% ANNUAL COST


Source text for Workspace: nNDL17LLMx
Further company coverage: [SBBb.ST]


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