PPI acquires Ibsen Theater with 21 years WAULT
Public Property Invest ASA (“PPI”) has acquired a property in Skien for a total property value of NOK 89.7 million. The property is approximately 4,240 sqm and is fully let to Ibsen Theater, which is owned by Vestfold and Telemark County municipality and Skien municipality. Annual rental income is NOK 6.5 million, with an unexpired lease term of 21 years.
“PPI has a clear strategy to grow by being a leading consolidator of social infrastructure properties in the Nordics. This specialized property with a public counterparty on a long lease contract fit our portfolio strategy very well”, says Ilija Batljan, CIO of PPI.
The transaction will be paid in cash and will close on the 25th of April.