The listed Canadian asset manager Brookfield Asset Management (“Brookfield”) has acquired 49% of the Swedish real estate company SBB’s social infrastructure portfolio for public education for SEK 9.2bn and an earn-out of up to SEK 1.2bn.
Brookfield becomes a minority shareholder of the portfolio, including kindergartens, primary schools, upper-secondary schools and universities, through a new SBB subsidiary EduCo AB. The portfolio is contributed to the newly established subsidiary at a transaction price of SEK 43.7bn.
Moreover, EduCo enters into an asset management agreement with SBB under which EduCo pays SBB 1.8% of the annual operating income.
The portfolio consists of 585 properties in Sweden, Norway, Finland and Denmark with an expected revenue of SEK 2.3bn in 2023.
Brookfield is a globally leading alternative asset manager with more than USD 750bn of assets under management across infrastructure, real estate, renewable energy, private equity and credit.
Accura advised Brookfield in connection with the Danish part of the transaction.