Pioneer Property Group ASA has received an updated property
valuation of its underlying preschool portfolio from Newsec
- to be used in conjunction with the full year financial
report for PPG, and also its two subsidiaries Pioneer Public
Properties II AS (PPPII) and Pioneer Public Properties III
AS (PPPIII). The report includes individual valuations of
the four underlying portfolios, also based on a number of
separate property valuations, which have been visited by
Newsec along with management from PPG, and the total
valuation of the entire PPG portfolio is slightly in excess
of the valuation levels used at the time of the IPO of PPG's
preference shares earlier this year. For the upcoming fourth
quarter results for PPG (and also for PPPII and PPPIII), the
Company therefore expects to include certain positive
adjustments to the IFRS balance sheet property valuations,
with effects also on the fourth quarter's reported
profitability - details to be finalized in the preparation
of the fourth quarter results.