Swedish real estate firm SBB has withdrawn its 30 billion Norwegian crown ($3.4 billion) offer for Entra, after the Norwegian office property company reported a higher valuation for its portfolio.
The updated valuation increases the value of Entra’s property portfolio by 8.1 percent to NOK 56.5 billion ($6.44 billion), from NOK 51.8 billion ($5.9 billion), as presented in the third quarter report.
“SBB regrets to inform that the due diligence condition to the Offer will not be satisfied or waived and the Offer will thus lapse,” the Swedish real estate firm said in a statement.
