SBB - comment
Moving the Residential assets into a single unit paves the way for up to 60% being sold in 2024. We expect SBB to sell to a real estate partner as an IPO is unlikely to raise sufficient cash. The SEK29bn of assets includes SEK5bn of development rights. We have discounted the development rights as SBB does not have sufficient liquidity to exploit them, but a new partner in an independent platform could change this. Finding a partner for the Residential assets will not be easy in the current environment, there are plenty of residential portfolios looking for home.