Landlord Heimstaden Bostad’s Property Selloff Ahead of Plan
- Swedish property owner has divested 4 billion kronor of units
- Company seeking to avoid downgrade to sub-investment levels
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Landlord Heimstaden Bostad AB sold 2.8 billion Swedish kronor ($266 million) worth of apartments in the first six months of this year, about 428 million kronor ahead of schedule, while racing to avert a downgrade of its credit rating to junk levels.
Taking the 363 units sold in the second quarter into account, the residential property owner has now divested apartments totaling 4 billion kronor as part of a 20-billion-kronor asset disposal program, according to its most recent earnings report. Proceeds from the sales will minimize the need for future bank financing.