The transaction includes:

- TRG Real Estate AS (“TRG”), a company indirectly controlled by Kjell Inge Røkke, Chair of Aker ASA, has reached an agreement to sell an industrial property portfolio (the “Industrial Property Portfolio”) to PPI at an agreed equity value of NOK 2.325 billion, in exchange for 124,398,074 new ordinary shares in PPI, issued at a price of NOK 18.69 per share (the “PPI Shares”).

- TRG has agreed to transfer the right to receive 39,808,989 PPI Shares to SBB I Norden AB ("SBB I Norden"), which is an indirect wholly owned subsidiary of SBB. In exchange, TRG will receive 164,561,931 class B-shares in SBB, representing about 9.08 percent of SBB’s share capital and 4.44 percent of the voting rights (the “SBB Shares”).

- TRG has agreed to transfer to APG the right to receive both the SBB Shares and the remaining 84,589,085 PPI Shares that were not transferred to SBB I Norden at the same valuation as agreed with PPI and SBB.

Following the completion of the transaction, APG will be the second largest shareholder in PPI with about 24.58 percent of the shares and votes. Additionally, it will own about 9.08 percent of the share capital and 4.44 percent of the votes in SBB. SBB, through SBB I Norden, will continue as the majority shareholder in PPI with about 33.4 percent of the shares.

PPI maintains a solid balance sheet and has a clear strategy for continued consolidation in the Nordic Community market segment. Since its IPO in 2024, PPI has demonstrated strong operational performance, achieved a BBB Investment Grade rating, and initiated quarterly dividend payments.

“The transaction with PPI aligns with Aker’s strategy to concentrate our portfolio on fewer, cash-generative investments. PPI is a solid company with a strong management team, diverse portfolio, and opportunistic growth strategy focused on value-accretive transactions. Its low-risk profile and predictable dividend payment strategy further underscores the strong fit with Aker’s plans to increase the real estate exposure over time,” says Øyvind Eriksen, President and CEO of Aker ASA.

PPI’s real estate portfolio primarily consists of properties with public tenants in prime locations across Norway. The company has a long-term strategy to own, operate, and develop social infrastructure properties in the Nordics. As part of PPI’s acquisition of the Industrial Property Portfolio from TRG, the company is establishing a new infrastructure segment to focus on high-quality infrastructure assets that complement its existing portfolio, characterized by solid tenants, long lease contracts, and stable cash flow.

“This represents a milestone transaction for PPI and enable us to establish a new business segment within critical industrial infrastructure. The portfolio is very attractive, it yields 7 percent and is fully let to solid counterparties with a WAULT of 15 years. We are also very excited to get Aker in as a new strategic, long-term investor with a stated ambition to support PPI’s growth journey,” says André Gaden, CEO of PPI.

Aker will in connection with the transaction nominate Jens Jalland, CEO of Aker Property Group, to enter the PPI Board of Directors.

Through the transaction, Aker also becomes a significant owner in SBB.

“Aker fully supports SBB management's strategy to simplify the corporate structure, deleverage the balance sheet, and grow Net Asset Value. We are prepared to contribute additional capital and will leverage our capital markets expertise, industrial heritage, and proven track record to facilitate SBB’s transformation and long-term value creation,” says Øyvind Eriksen.

“We welcome Aker Property Group as long-term major shareholder in SBB. We are delighted to have the opportunity to continue developing SBB together. We believe that today's transaction between PPI and Aker Property Group and the directed issue from SBB to Aker Property Group will increase SBB's earnings and reduce its debt ratio. This transaction will improve the financial situation of SBB and all its stakeholders," says Lennart Sten, Chairman of SBB.