The face of Sweden’s property bust fights for USD 13bn empire
A Yugoslav refugee turned Swedish property tycoon is fast running out of options to stabilize his USD 13bn empire, and the outcome will have ripple effects across Europe’s real estate industry.
By Charles Daly and Anton Wilen / Bloomberg
Ilija Batljan started amassing a portfolio of more than 2,000 properties in 2016, buying up social housing and municipal buildings from cash-strapped authorities and leasing them back. The idea was to combine steady growth with stable returns provided by reliable, long-term tenants — but the reality was an appetite for debt that was too much for the Swedish market.
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