Samhällsbyggnadsbolaget i Norden (SBB) has sold its SEK32bn (€3bn) community portfolio of 740 properties to related party Public Property Invest (PPI), in a deal that lifts SBB’s ownership in PPI to 39.99% of shares, with APG Invest holding a 33.32% interest in PPI.
SBB has agreed to sell the SocialCo portfolio comprising properties across Norway, Sweden, Denmark and Finland to PPI for SEK32bn, a price that is 8% below SBB’s gross asset value of SEK35bn as of 30 September 2025.
SBB said the deal will generate more than SEK11bn of net cash proceeds, which the company plans to use for debt repayment, reinvest in PPI through “an in-kind contribution”, bond repurchases and other “value accretive growth measures”.
Nordic social infrastructure company SBB said the transaction completes its “strategic transformation,” creating three distinct segments across education, residential and community assets via PPI.
Following the transaction and a private placement, APG Invest AS, which is ultimately controlled by Aker ASA, will see its stake in PPI increase from 24.58% to 33.32%, while SBB’s interest will increase from 33.54% to 39.99%.
The deal makes PPI the largest listed European social infrastructure platform, with 841 properties. The transaction triples PPI’s gross asset value from NOK16bn to NOK53bn (€1.4bn to €4.6bn).
Leiv Synnes, CEO of SBB, said: “This is an important milestone in the execution of our long-term strategy. By segmenting our assets into education, residential, and community properties, we create clearer business structures, improve operational focus, and enhance transparency for investors and partners.
“The proceeds from this divestment enable us to manage our debt profile efficiently, strengthen our financial stability, and benefit from a more favorable funding environment, allowing time for the value accretion of our assets.”
Lennart Sten, chairman of the board of SBB, said: “This transaction represents a significant step in maximising value for all shareholders by contributing to a more stable and sustainable SBB. I am particularly pleased with the commitment shown by Aker ASA throughout this process.
“Their strong support and strategic foresight has been instrumental in securing a robust solution for our social infrastructure properties, and their support has greatly strengthened our ability to carry out this transaction successfully.”
Øyvind Eriksen, president and CEO at Aker, said: “This is a natural step in Aker’s strategy to build a scalable platform with predictable cash flows and long-term value creation potential. Real estate is becoming a more active part of our portfolio, valued for its resilience, income profile, and alignment with our concentrated investment approach.
“The transaction reflects this strategy – combining scale, stability, and strategic relevance – and contributes to a portfolio that generates upstream cash flows, which are increasingly important as we invest in long-term, capital-intensive growth.”
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