Oslo, 03 March 2021: Pioneer Property Group ASA's wholly owned subsidiary Pioneer Retail Properties AS has today entered into agreements regarding the following transactions (the "Transactions"):
(1) A share purchase agreement with Champ Holding AS, Trimo Holding AS, Frena Holding AS, Bito Production AS and Copia AS (the "Sellers") regarding the purchase of 100% of the shares in Ås Næring AS. The purchase price for the shares is NOK 57,446,662 on a debt and cash free basis. Approximately 58% of the purchase price is paid in cash, and the remainder is settled by way of vendor note with three years duration and subject to market term interest rate.
(2) A share purchase agreement with the Sellers and Berika Invest AS regarding the purchase of 100% of the shares in Askjem Eiendom AS. The purchase price for the shares is NOK 61,750,000 on a debt and cash free basis. Approximately 70% of the purchase price is paid in cash, and the remainder is settled by way of vendor note with three years duration and subject to market term interest rate.
The acquired companies own real properties in Tønsberg municipality, and rent these out to Askjem Camping-Center AS which uses the properties in its business within sale and rental of caravans and motorhomes.
Simultaneously upon completion of the Transactions, Ferda Gruppen AS will acquire 100% of the shares in Askjem Camping-Center AS. Askjem Camping Center AS will continue as lessor of the properties in Tønsberg following Ferda Gruppen AS' acquisition and new lease agreements will be entered into.
The completion of the Transactions is subject to approval by the Norwegian Competition Authority and will take place shortly after such approval has been obtained, presumably by the end of March 2021.
For further information, please contact:
Ole-Kristofer Bragnes, CFO
Telephone: +47 917 03 415
E-mail: IR@pioneerproperty.no