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Pioneer Property Group ASA applies for listing on
Oslo Axess
Oslo, 20th May 2015
Pioneer Property Group ASA ("PPG") has applied for
listing of its preference shares on Oslo Axess. PPG
intends to launch a Public Offering in June and aims
for listing to take place by the end of June.
Pioneer Property Group ASA is a real estate company
which provides high-quality properties for government-
backed care-services. The company's current portfolio
consists of 113 Norwegian kindergartens centrally
located in larger cities and which house a total of
over eleven thousand children. The properties are
leased out on long-term triple-net contracts to solid
kindergarten operators, including Norlandia Care
Group and Espira. Total monthly rental income is
currently approx. NOK 17 million.
The company's property portfolio is a result of the
acquisition from several independent preschool
operators, again driven by these companies' wish to
free-up resources and capital to be able to provide
the highest quality possible in their primary focus
area - preschool operations. Pioneer Property's
kindergartens have during the later years played an
important role in the improvement of the Norwegian
preschool market, through improved capacity, quality
and cost-efficiency.
Going forward the company's strategy is to expand its
reach into care-services property with similar
characteristics as the Norwegian kindergarten market -
i.e. long term contracts with solid operators, again
backed by government financing - and access to the
financial markets to finance further growth is a key
component of this strategy.
Preference shares have during the past few years
become a popular investment category, particularly
with real-estate companies in Sweden, and PPG will be
the first listed preference share on the Norwegian
market within this category.
Enquiries
Runar Rønningen, CEO - +47 9069038
Martin P. Hoff, CFO - +47 47214721
www.pioneerproperty.no