SBB Founder Batljan Steps Down as PPI CEO, Moves to CIO Post

Norwegian real estate group Public Property Invest AS appointed Andre Gaden as its new chief executive officer, fulfilling a key pledge to investors with the reshuffle.

Gaden’s appointment will be effective Jan. 1, when current interim CEO Ilija Batljan — who was previously ousted as chief executive officer of Swedish landlord SBB — takes over as PPI’s new chief investment officer, according to a statement from the Oslo-based company on Wednesday.

PPI had temporarily run afoul of a key term in its listing prospectus by keeping Batljan in charge.

The company priced an initial public offering on April 29 with ...