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Castlelake Enters Joint Venture Agreement with SBB and Provides Whole Loan

Castlelake, L.P. (“Castlelake”), a global alternative investment manager specializing in asset-based private credit investments, today announced it entered into a joint venture agreement with Samhällsbyggnadsbolaget i Norden AB (“SBB”), a significant social infrastructure property company in the Nordic region, and will provide approximately EUR €464 million/SEK 5.2 billion of financing to SBB Infrastructure AB (“SBB Infrastructure”).

The loan will be used by SBB Infrastructure to acquire properties from SBB and refinance debt to SBB. It is secured by a portfolio of social infrastructure and purpose-built care assets across Sweden with an estimated market value of SEK 5.7 billion as of December 31, 2023, as well as additional collateral in Finland, making the total pool of collateral used for the loan estimated to be SEK 9.4 billion.

“We are pleased to form this relationship with SBB and provide a tailored financing solution which enables it to advance its business plans and seek to optimize their asset portfolios,” said Eduardo D’Alessandro, Partner, Global Real Assets at Castlelake. “We believe the transaction represents a strong example of the asset-based private credit solutions that Castlelake is able to provide to institutional borrowers in Europe.”

Castlelake has been investing in asset-based opportunities across Europe, having both acquired assets and provided asset-based private credit since 2006. The firm has invested more than €7.2 billion and acquired or financed more than 8,000 assets across 16 European countries since that time.

DLA Piper and CBRE advised Castlelake on the transaction.

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