SBB's Funding Crisis Eased with Cash Boost and Asset Sales
Swedish landlord SBB plans to divide up its operations and raise 8 billion Swedish kronor ($720 million) in a deal with Canada's Brookfield Asset Management to ease its funding crisis. The cash injection and break-up plan signal that money is available despite Sweden's real estate crisis. SBB, which became the epicenter of Sweden's property meltdown, will carve itself up into three separate entities, with Brookfield controlling the school unit. The company will continue to explore opportunities to bring in equity partners for its residential business.