Castlelake Enters New Joint Venture Agreement with SBB and Provides Whole Loan
Summary
MINNEAPOLIS, May 28, 2024 /PRNewswire/ -- Castlelake, L.P. ("Castlelake"), a global alternative investment manager specializing in asset-based private credit investments, today announced it entered into a new joint venture agreement with Samh\xe4llsbyggnadsbolaget i Norden AB ("SBB"), a significant social infrastructure property company in the Nordic region, and will provide approximately EUR 489 million/SEK 5.7 billion of financing.The loan will be used by SBB to recapitalize a portfolio of 92 social infrastructure assets across Sweden with an estimated market value of SEK 9.7 billion as of March 31, 2024. "The transaction is another example of Castlelakes relationship-oriented approach and the asset-based private credit solutions that it offers to institutional borrowers in Europe. "We believe this additional transaction with Castlelake further demonstrates the value of SBBs asset portfolio with its strong and stable occupancy rates and demographic demand," said Leiv Synnes, Chief Executive Officer of SBB. "We are pleased with this next step in our relationship with Castlelake and will utilize this financing to continue to execute our strategy. Founded in 2005, Castlelake manages approximately $22 billion of assets on behalf of a diversified global investor base.