PPI acquires Damsgårdsveien 106 in Bergen

Public Property Invest ASA (“PPI”) has signed an agreement to acquire the Njord Syndicate Bergen Kommunebygg AS which owns the property Damsgårdsveien 106 in Bergen. The transaction is based on a total property value of NOK 130.6 million. The property is approximately 4.100 sqm and is fully let to the Municipality of Bergen and the University of Bergen. Annual rental income is NOK 8,54 million and the lease contracts has an average unexpired lease term of 11 years.

“PPI’s strategy is to grow by being a leading consolidator of social infrastructure properties in the Nordics and this transaction in Bergen is aligned with the strategy. The property houses a specialized care center and an archive, and the transaction is done on an attractive yield”, says Ilija Batljan, CIO.

The transactions will be settled through a combination of assuming existing debt of NOK 85 million and cash. The transaction is expected to close on 14 February 2025.

Contact: Ilija Batljan, CIO, [email protected]