Oslo ,7 July 2023 :Pioneer Property Group ASA's subsidiary Up North Property AS has agreed to purchase 50% of JV VästerkullaFastighet AB , a newly established joint venture company established together with Västerkulla, which will, after the transaction, be owned 50% by Up North Property AS and 50% by VästerkullaHotell Holding AB . The hotels are located in Eskilstuna, Jönkøping and Helsingborg, and the properties totals approx. 13,500 sqm and are operated byNorlandia Hotel Group . Up Norths's CEOSvein Arild Mevold says: "This is another acquisition in line with Up Norths strategy, entering into partnerships with strong players." The purchase price for Up North Property's shares in JV VästerkullaFastighet AB is estimated to be MSEK 64, net of bank debt and other adjustments, based on a property value of MSEK 270 on a 100% basis. The transaction is expected to close on 31.July 2023 . For further information, please contact: Øystein Grini, CFO Telephone: +47 46 29 67 19 E-mail: IR@pioneerproperty.no
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