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Studentbostäder i Norden AB (publ) (“SBS”) today publishes the interim report for January–March 2024. During the period, revenues increased by 15 percent compared to the same period in 2023, and the operating surplus amounts to 64 MSEK.
It has been an eventful first quarter, where a new board with high financial expertise has taken office. We have chosen to renegotiate the agreement on student housing in Copenhagen and thus not acquire the property. During the quarter, our focus has been to continue working to strengthen our balance sheet, and we have brought 1,241 newly produced student housing units in Stockholm and Norrköping into the management organization. These cash flows will have a significant impact on the company going forward, says Rebecka Eidenert, CEO of Studentbostäder i Norden.
Below is a summary of the report:
Period January–March 2024
- Revenues increased by 15 percent to 113 MSEK (98)
- Operating surplus decreased to 64 MSEK (65)
- Surplus ratio amounted to 57 percent (66)
- Management result amounted to -5 MSEK (15)
- Long-term net asset value per share amounted to 3.58 SEK (3.70)
Selected significant events
- SBS refinances loans of 650 million, where the average interest rate went from 7.3 percent to 4.3 percent.
- Shareholders submit a proposal for a new board in SBS, and at an extraordinary general meeting, the decision is made to replace the existing board. Tomas Lifvendahl is elected as the new chairman. The new board consists of Tomas Lifvendahl, Leiv Synnes, Charlotte Axelsson and Amir Gal.
- SBS signs a rental agreement with the Stockholm School of Economics. The agreement includes both a framework agreement directly with the Stockholm School of Economics with a guarantee of 60 student housing units, and a block agreement with the Swedish Program, which is affiliated with the Stockholm School of Economics, where SBS offers 47 student housing units to American exchange students in Stockholm.
- SBS agrees not to proceed with the previously announced acquisition of a new construction project with 173 student housing units in Copenhagen. The apartments are not yet completed, and SBS receives compensation from the sellers to cover transaction costs related to the deal.
Selected significant events after the period
- SBS divests two central residential properties in Karlstad for a property value of 133 MSEK.
For further information, please contact
Rebecka Eidenert, CEO Studentbostäder i Norden
rebecka.eidenert@sbsstudent.se
+46 (0)70 786 54 54
Certified Adviser
FNCA Sweden AB
About Studentbostäder i Norden
SBS owns, manages and develops student housing in long-term partnerships with municipalities, regions and universities. We offer affordable student accommodation of high quality and a fully digitalized rental management. Our ambition is to become the Nordic region’s leading student housing company and the obvious choice for students on their way to their dream profession.
