Whitehelm Capital, an investment management company, completed the acquisition of Pioneer Public Properties and Pioneer Management, two subsidiaries of Pioneer Property Group, a real estate company focusing on providing high-quality properties for government-backed care-services, for NOK2.7bn. The board of directors of PPG has resolved that PPG's business shall continue to include investments in real property – in addition to the reinvestment in the Buyer – following closing of the Transaction, and that PPG shall continue to enter into long-term lease agreements regarding these properties. The board of directors is also considering to establish a new branch of PPG's business, which shall focus on investments within commercial property, such as office buildings and hotels, which may also include property development. The preference shares issued by PPG will not be affected by the Transaction.