Recreate sells 50% of its shares in Kammerherreløkka AS

22 Dec 2022 15:23 CET

Porsgrunn, 22 December 2022: Reference is made to the stock exchange
announcements by Recreate ASA ("Recreate" or the "Company") earlier today on 22
December 2022. The Company is pleased to announce that it, through its wholly
owned subsidiary RCR Hotels AS, has sold 50% of its shares in Kammerherreløkka
AS to Bane NOR Eiendom AS. The sale is madeas part of the Company's ongoing work
to reduce costs and improve its stressed liquidity situation.

The transaction is completed today based on a gross property value of
approximately NOK 285 million. The transaction gives a net cash effect of
approx. NOK 46 million, which is mainly used to pay creditors and repay loans.
For Recreate's part, the sale represents a negative effect on the equity of
approx. NOK 16 million.

Located in an area of development, Kammerherreløkka houses Comfort Hotel
Porsgrunn, which has an excellent location with its proximity to public
transportation and easy access to E18. In addition, the property contains an
office building of 2,792 sqm with energy class A classification and a parking
basement with 87 parking spaces.

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

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