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 Samhällsbyggnadsbolaget 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.
“We are pleased to build on our existing relationship with SBB and provide a new financing solution to help it continue optimizing its asset portfolios and balance sheet,” said Eduardo D’Alessandro, Partner, Global Real Assets at Castlelake. “The transaction is another example of Castlelake’s relationship-oriented approach and the asset-based private credit solutions that it offers to institutional borrowers in Europe.”
The joint venture follows one formed by Castlelake and SBB in February 2024, in which Castlelake agreed to provide approximately EUR €464 million/SEK 5.2 billion of financing to SBB Infrastructure AB.
“We believe this additional transaction with Castlelake further demonstrates the value of SBB’s 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”
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 18 European countries since that time.
DLA and CBRE advised Castlelake on the transaction, which is subject to customary closing conditions.
About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on asset-based investments in the private specialty finance, real assets and aviation markets. Founded in 2005, Castlelake manages approximately $22 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.