SBB Sells $271 Million of JM Stock as Swedish Property Sags (2)

One of Sweden’s biggest commercial landlords sold shares in real estate developer JM AB in a bid to raise cash.

SBB — as Samhallsbyggnadsbolaget i Norden AB is more commonly known — sold 19 million shares in JM for a total of 2.8 billion kronor ($271 million), it said in a statement issued around 9 p.m. local time Thursday.

Shares in SBB gained 7% when trading started in the Swedish capital on Friday, but the stock is still down 33% compared to the closing price at the end of last week.

The Stockholm-based property developer has come under pressure as ...