Pioneer Property Group ASA

M&A Activity • Oct 16, 2024

PPG increasing its holdings in Norlandia Holding AS to 85% of the shares in the company

PPG increasing its holdings in Norlandia Holding AS to 85% of the shares in the company

Oslo, 16 October 2024: Pioneer Property Group ASA (PPG) has entered into a purchase agreement acquiring additional shares in Norlandia Holding AS, increasing its holdings from 48% to 85% of the company. After the acquisition, Norlandia Holding AS will be regarded as a subsidiary of PPG. The shares are acquired from associated companies controlled by Kristian Adolfsen and Roger Adolfsen.

Norlandia Holding AS is a hotel property company with total assets of MNOK 884 and total debt of MNOK 491. The book value of the properties are MNOK 717 and the portfolio consist of approx. 52 000 sqm. The properties generate a total lease income of MNOK 64. The hotels are in Norway and are mainly operated by Norlandia Hotel Group.

The purchase price for the shares is based on the book equity value of Norlandia Holding AS based on the financial statements of Norlandia Holding AS as of 31.12.2023 prepared in accordance with IFRS. The purchase price is MNOK 145 and is settled through a long-term vendor note.

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

This information is considered inside information pursuant to the EU Market Abuse Regulation and is disclosed in accordance with section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Øystein Grini, CFO on the date and time set out above.