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

16 Oct 2024 22:26 CEST

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.

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