SBB, the Swedish real estate group, is changing its CEO as it searches for buyers.

HELSINKI, June 2 (Reuters) - Sweden's debt-laden real estate company SBB (SBBb.ST) said on Friday its founder and chief executive Elijah Batlian had left the company and would be replaced by seasoned industry veteran Leiv Sinnes as the board seeks a buyer or investor for the group.

The SBB share price was up 50 percent, trading at SEK 5.18 by 1:07 p.m. Moscow time, but still has not recovered from a decline of more than 70 percent this year.

In the wake of soaring interest rates forcing the company to cancel dividend payments and scrap a share issue, SBB on Monday said it was expanding its strategic review to consider a sale of all or parts of the company.

Sinnes is leaving his position as chief financial officer of rental real estate company Akelius (AKELd.ST), where he has served in various roles over the past 19 years.

Numerous rating agencies have downgraded SBB's debt to so-called junk status in the past few weeks, and Swedish lawmakers are worried about broader downside risks to real estate values.

"As a founder and major shareholder of SBB, I have a responsibility during challenging times," Batlian said in a statement, adding that he will continue to serve as a member of SBB's board of directors.

Moody's last week announced a negative rating action on about 50 percent of the real estate companies it covers in Sweden, and the Swedish central bank urged the industry to improve the financial health of their balance sheets.