Public Property Invest ASA (OB:PUBLI) completed the acquisition of Rigedalen 5 in Kristiansand from Kristiansand Offentlig Eiendom AS.
Public Property Invest ASA (OB:PUBLI) signed an agreement to acquire Rigedalen 5 in Kristiansand from Kristiansand Offentlig Eiendom for approximately NOK 160 million on December 12, 2024. The property is approximately 6,300 sqm and is fully let, of which 83 % to The Norwegian Public Roads Administration. In a related transaction, Public Property Invest ASA (OB:PUBLI) agreed to acquire Portfolio of Eight Kindergartens in Norway from Læringsverkstedet AS in a transaction valued at approximately NOK 180 million on December 12, 2024. Both the transactions will be settled through a combination of assuming parts of the existing debt NOK 50 million, 7 years with swap of 2.27% and cash, and by issuing new shares in Public Property Invest ASA at a share price equivalent to NOK 22,1 per share. The new shares will be issued to the current owners of Njord Syndicate Kristiansand Offentlig Eiendom AS. The total number of new shares to be issued is 815,119. To resolve the issuance of such new shares, the board of directors of Public Property Invest ASA has decided to increase Public Property Invest ASA's share capital by NOK 40.756 pursuant to the authorization to increase Public Property Invest ASA's share capital granted by PPI's general meeting on 12 April 2024. The dilution effect is 0.4 %. Annual rental income is NOK 11.2 million and the lease is triple net with an unexpired lease term of eight years. The transaction will close on or about December 18, 2024, after and subject to approval of the general meeting of the seller.
Public Property Invest ASA (OB:PUBLI) completed the acquisition of Rigedalen 5 in Kristiansand from Kristiansand Offentlig Eiendom As on December 20, 2024. The required approval from Seller's general meeting has been obtained. To formally issue the 815,119 consideration shares in the transaction, Public Property Invest ASA's board of directors has today resolved to increase Public Property Invest ASA's share capital by NOK 40,756 pursuant to the authorization to increase PPI's share capital granted by Public Property Invest ASA's general meeting on 12 April 2024. Public Property Invest ASA's share capital following issuance of the abovementioned shares and the consideration shares in the Strandgaten 229-transaction will be NOK 10,755,191.25, divided into 215,103,825 shares each with a nominal value of NOK 0.05.