Pioneer Property Group ASA

M&A Activity • Jul 7, 2023

Up North Property AS has entered into a Joint Venture Agreement with Västerkulla Hotell Holding AB («Västerkulla») regarding the acquisition of three hotels in Sweden

Up North Property AS has entered into a Joint Venture Agreement with Västerkulla Hotell Holding AB («Västerkulla») regarding the acquisition of three hotels in Sweden

Oslo, 7 July 2023: Pioneer Property Group ASA's subsidiary Up North Property AS has agreed to purchase 50% of JV Västerkulla Fastighet AB, a newly established joint venture company established together with Västerkulla, which will, after the transaction, be owned 50% by Up North Property AS and 50% by Västerkulla Hotell Holding AB.

The hotels are located in Eskilstuna, Jönkøping and Helsingborg, and the properties totals approx. 13,500 sqm and are operated by Norlandia Hotel Group.

Up Norths's CEO Svein Arild Mevold says: “This is another acquisition in line with Up Norths strategy, entering into partnerships with strong players.”

The purchase price for Up North Property’s shares in JV Västerkulla Fastighet AB is estimated to be MSEK 64, net of bank debt and other adjustments, based on a property value of MSEK 270 on a 100% basis.

The transaction is expected to close on 31. July 2023.

For further information, please contact: Øystein Grini, CFO

Telephone: +47 46 29 67 19 E-mail: IR@pioneerproperty.no