PPI acquires Strandgaten 229 in Bergen

19 Dec 2024 20:20 CET

Public Property Invest ASA ("PPI") has signed an agreement to acquire 82.6% of
the shares in the Njord Syndicate Bergen Etatbygg AS which owns the property
Strandgaten 229 in Bergen. The transaction is based on a total property value
of NOK 330 million. The property is approximately 8,750 sqm and is fully let
to the government agency Directorate of Fisheries. Annual rental income is NOK
26 million and the lease contract has an unexpired lease term of six years.

"PPI's strategy is to grow by being a leading consolidator of social
infrastructure properties in the Nordics. This is a very attractive property
located seaside at Nordnes in central Bergen, next to Bergen Aquarium. The
transaction is done on an attractive yield and we look forward to welcoming
the Directorate of Fisheries as one of our customers", says Ilija Batljan,
Interim CEO of PPI.

The transactions will be settled through a combination of assuming existing
debt of NOK 226 million with a fixed interest rate of 3.6 %, cash and by
issuing 3,895,051new shares in PPI at a share price equivalent to NOK 17.4598
per share. The new shares will be issued to the current owners of the Njord
Syndicate, Bergen Etatbygg AS.

To resolve the issuance of the new shares, the Board of Directors of PPI has
today, resolved to increase PPI's share capital by NOK 194,752.55 pursuant to
the authorisation to increase PPI's share capital granted by PPI's general
meeting on 12 April 2024.

Following the registration of the share capital increase pertaining to the new
shares in the Norwegian Register of Business Enterprises, PPI's share capital
will be NOK 10,755,191.25 divided into 215,103,825 shares, each with a
nominal value of NOK 0.05, taking into account the agreed share capital
increase in connection with the acquisition of Rigedalen 5 in Kristiansand, as
announced on 12 December 2024. On the same basis, the dilution effect for
existing shareholders is 1.8%.

The transaction closed today on 19 December 2024 and the new shares are
expected to be delivered to the sellers by year end 2024. The transaction in
connection with the acquisition of Rigedalen 5 in Kristiansand is expected to
be closed tomorrow, 20 December 2024.

Contact: Ilija Batljan, Interim CEO, ilija@publicproperty.no

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-12-19 20:20 CET.

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