Aker strengthens real estate with major social infrastructure acquisition

Aker ASA announced a strategic expansion in real estate, supporting Public Property Invest ASA's (PPI) acquisition of a 37 bn kroner social infrastructure portfolio from Samhällsbyggnadsbolaget i Norden AB (SBB). This transaction triples PPI's portfolio value to 53 bn kroner, positioning it as Europe's largest listed social infrastructure-focused real estate platform with 841 properties across the Nordics.

Aker, through APG Invest AS, commits 5.4 bn kroner to PPI, increasing its economic ownership to 33.32% and retaining 23.28% of voting rights. SBB will maintain 39.99% economic ownership and 33.34% voting rights in the enlarged PPI, while de-risking its balance sheet and securing liquidity. The acquired portfolio was priced at 34 bn kroner, 8% below SBB's Gross Asset Value.

PPI's balance sheet will remain robust with a loan-to-value ratio below 49%, and its net asset value is expected to increase from 24.9 to 26.8 kroner per share. The company intends to redomicile to Sweden and apply for a primary listing on Nasdaq Stockholm.