Listed Nordic social infrastructure property company SBB has paid NOK 4.58 billion (about €453 million) for a portfolio of 142 preschools in Norway. The portfolio has been acquired in a sale and leaseback deal with Norwegian company Trygge Barnehager.
The properties produce an annual rental income of NOK 262 million and have a floor area of about 110,000 sq m with a 677,000 sq m site area.
Trygge Barnehager has signed a 25-year lease with the possibility of extension for up to 45 years. SBB said that about 92% of the property value is located in the Norwegian metropolitan regions with a strong focus on Oslo.
“SBB is responsible for bricks and concrete so that the municipalities and the private contractors can focus on the welfare society’s core activities,” said Ilija Batljan, CEO and founder of SBB. “We also have the financial capacity to continue to support the expansion of important social infrastructure together with the segment’s operators.”