Recreate ASA — M&A Activity 2023

Mar 24, 2023

Recreate sells its shares in Fornebuveien 1-3

Recreate sells its shares in Fornebuveien 1-3

Porsgrunn, 24 March 2023: Reference is made to the stock exchange announcement by Recreate ASA ("Recreate" or the "Company") on 10 January 2023.

The Company is pleased to announce that it has sold Fornebuveien 1-3 AS (the "Target") to Investorprosjekt 404 AS (the "Buyer"). The Buyer is an investment company established by Pareto. The formal seller of the Company's shares is the Company's partly owned subsidiary, Fornebuveien 1-3 Invest AS. The sale is made as part of the Company's ongoing work to reduce costs and improve its stressed liquidity situation.

As part of the transaction, BRJ Value Add AS – 50% owner of Fornebuveien 1-3 Invest AS - has subscribed for 50% of the shares in the Buyer. Thus, BRJ Value Add AS will continue to own 50% of the Target through its ownership in the Buyer.

The transaction is completed today based on a gross property value of approximately NOK 281 million. The transaction gives a neutral net cash effect for Recreate.

Fornebuveien 1-3 is centrally located on Fornebu in Oslo, consisting of office areas, storage areas, and parking. The main tenants leasing areas in the property are Commfides Norge AS, Schlumberger and Evolve Norge AS.

For further information, please contact:

Emil Eriksrød, CEO

emil.eriksrod@recreate.no

+47 415 22 463

Eirik Engaas, CFO

eirik.engaas@recreate.no

+47 934 99 340