Pioneer Property Group ASA

M&A Activity • Oct 24, 2019

SUCCESSFUL COMPLETION OF THE SALE OF PIONEER PUBLIC PROPERTIES AS AND PIONEER MANAGEMENT AS AND INFORMATION ON NEW MANAGEMENT TEAM

SUCCESSFUL COMPLETION OF THE SALE OF PIONEER PUBLIC PROPERTIES AS AND PIONEER MANAGEMENT AS AND INFORMATION ON NEW MANAGEMENT TEAM

Reference is made to the stock exchange announcement on 9 October 2019 regarding the agreement entered into between Pioneer Property Group ASA ("PPG") and Odin Bidco AS, a newly incorporated company funded by a consortium consisting of Australian pension funds managed by Whitehelm Capital and the Whitehelm European Infrastructure Fund II, regarding the sale of all the shares in Pioneer Public Properties AS and Pioneer Management AS ("PM"), which are both wholly-owned subsidiaries of PPG (the "Transaction"). The Transaction has today been successfully completed.

As the previous management team of PPG was engaged by PM, the persons comprising the previous management team have been transferred to Odin Bidco AS in connection with the Transaction. On this background, PPG has engaged a new management team consisting of John Ivar Busklein (as the Chief Executive Officer) and Ole-Kristofer Bragnes (as the Chief Financial Officer).

For further information, please contact:

Roger Adolfsen (chairperson of the board of directors)

Telephone: +47 982 22 500