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Property­development and letting­competence drives record-strong quarterly result

In the first quarter of 2022, the company's portfolio increased by NOK 74.4 million, mainly driven by ongoing development projects and supported by a record number of new and renegotiated lease contracts.

This translated into the best quarterly result in the company’s history with a profit before tax of NOK 145.9 million (NOK 38.5 million), including profit from owner-occupied property.

The trend towards a more flexible and efficient working day accelerated during Covid-19, and continues to boost demand for the flex space provider Evolve, of which R8 Property owns 100 per cent with effect from 1 January 2022.

Post-period, the board of directors made a proposal to change the name of the company to Recreate ASA. The name Recreate is a sign of international ambitions, but first and foremost it alludes to giving new life or energy to something, while at at the same time giving associations to recreation.

CEO and founder of R8 Property Emil Eriksrød comments on the performance in the
first quarter of 2022:

“We are excited to report the best quarterly result in the company’s history.
The strong performance was primarily driven by positive portfolio value changes
from ongoing development projects and centrally located sustainable properties,
as well as NOK 25.2 million related to our investment in Inkognitogaten 33A AS.

Our progress in the quarter was also supported by a record high number of new
and renegotiated lease agreements, including a 20-year lease agreement with
Comfort Hotel Skien Brygge AS for approximately 6,300 sqm in the upcoming
development project Skien Brygge.

The trend towards a more flexible and efficient working day accelerated during
Covid-19 and continues to boost demand for the flex space provider Evolve, of
which we now own 100 per cent of the shares.

At the close of the quarter, we announced the acquisition of Parallell, a BREAAM
Excellent 19,000 square meters office property located in Oslo. This building is
spot on market demand with its central location, flexible office solutions and
attractive environmental features and the transaction represents a quantum leap
for R8 Property as we continue to work towards a property portfolio valued at
NOK 5 billion.”

For further information, please contact:

Emil Eriksrød
CEO/Founder
Eirik Engaas
Chief Financial Officer

About Recreate (R8 Property ASA)

Recreate (R8 Property ASA) is a full-service real estate company focused on the
development, ownership and management of centrally located and sustainable
commercial properties.