Recreate sells its shares in Inkognitogaten 33 Holding AS

10 Jan 2023 23:05 CET

Porsgrunn, 10 January 2023: Reference is made to the stock exchange announcement
by Recreate ASA ("Recreate" or the "Company") earlier today on 10 January 2023.
The Company is pleased to announce that it has sold its shares, constituting 50%
of all shares, in Inkognitogaten 33 Holding AS to Oslo Sentrum Eiendom AS. The
sale is made as 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 350 million. The transaction gives a net cash effect of
approx. NOK 10 million, which is mainly used to pay creditors and repay loans.
For Recreate, the sale represents a negative effect on the equity of approx. NOK
25 million.

Inkognitogaten 33 is centrally located in Oslo with recently completed
refurbishment project preserving this historic property from the 1870’s with a
modern and efficient floorplan while also obtaining a BREEM Very Good
certification.

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

More information:
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