Oslo, 7 July 2023: Pioneer Property Group ASA's subsidiary Up North Property AS
has agreed to purchase 50% of JV Västerkulla Fastighet 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 Västerkulla
Hotell Holding AB. 

The hotels are located in Eskilstuna, Jönkøping and Helsingborg, and the
properties totals approx. 13,500 sqm and are operated by Norlandia Hotel Group.

Up Norths's CEO Svein 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 Västerkulla Fastighet 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