Pioneer Property Group ASA

M&A Activity • Sep 11, 2022

Acqusition of property assets

Acqusition of property assets

Oslo, 11 September 2022: Pioneer Property Group ASA ("PPG") has today entered into an agreement with Hospitality Invest AS ("HI") regarding the purchase of shares in certain of HI's direct and indirect subsidiaries, Gaustadskogen Eiendom AS (77%), Tjuvholmen Eiendom AS (100%) and Norab Eiendom Vest AS (100%), each a property company with tenants from i.a. the Norlandia Health & Care Group AS as well as 23.6% of the shares in Norlandia Holding AS which owns certain hotels operated by Norlandia Hotel Group AS (the "Transaction"). The total consideration payable by PPG in the Transaction is expected to be approximately NOK 153 million (the “Purchase Price”), subject to customary balance sheet adjustments, and is based on property valuations from independent third parties. The transaction will be settled by PPG through transfer of Hospitality Invest bonds (HOIN02, Hospitality Invest AS 17/22) to HI with nominal value equal to the Purchase Price. The Transaction is expected to close on or about 30 September 2022.

Both PPG and HI are ultimately majority owned by Kristian A. Adolfsen and Roger Adolfsen. The boards of directors of PPG and HI have authorised their respective managements to negotiate the final agreements for the Transaction.

For further information, please contact: Øystein Grini, CFO Telephone: +47 46 29 67 19 E-mail: IR@pioneerproperty.no

This information is inside information pursuant to article 7 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Oslo Børs