The landlord at the center of Sweden’s property crunch plans to further cash in on its portfolio of residential properties as it aims to strengthen a balance sheet straining under $8 billion of debt.

Samhallsbyggnadsbolaget i Norden AB — as SBB is formally known — will issue 2.36 billion kronor ($228 million) worth of shares via a newly created subsidiary to a fund managed by Morgan Stanley Real Estate Investing. SBB will control and operate the new unit that consists of apartments in Sweden valued at 6.2 billion kronor.

“The capital raise demonstrates the range of capital options available to SBB,” Chief Executive Officer Leiv Synnes said in a statement, released at 2 a.m. local time on Friday.

Nor is this the first time SBB has turned to a residential property subsidiary to shore up its finances. The landlord earlier this year spun out Neobo Fastigheter AB and has said it’s planning to do the same with Sveafastigheter Bostad Group AB.

SBB needs at least 6 billion kronor in cash to meet its funding needs over the next 12 months, according to recent analysis by research firm CreditSights Inc. Following a downgrade to junk status by S&P Global Ratings in May, the company has seen its share price plunge and put the entire firm up for sale.

The transaction with Morgan Stanley provides “further flexibility” for the ongoing strategic review, according to the statement. Closing of the deal is expected in the middle of next month.

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