Veidekke

Earnings Release • Jun 26, 2024

Veidekke: From offices to student bedsits in Oslo

Veidekke: From offices to student bedsits in Oslo

The Anker Foundation has commissioned Veidekke to rehabilitate and rebuild an

apartment building in Oslo centre from offices to almost to 100 student bedsits

with common rooms. The commission is a design and build contract with a value of

NOK 163 million, excluding VAT.

"There is a great need for student housing in Oslo, so this is a construction

project that will have a great impact in the years to come. We are very pleased

to have been selected to convert a somewhat worn office building into a state-of

-the-art block of bedsits with common amenities. We would like to thank The

Anker Foundation for the commission," says department manager Rune Andersstuen

with Veidekke Bygg Oslo.

The current office building in Platous gate was built in 1964 and is about 6,000

square meters across six floors plus basements. The external walls will be

insulated, all windows will be replaced, the sixth floor will be extended, and a

common and two private roof terraces will be built. When everything is finished,

there will be 99 student bedsits from the second to the sixth levels, while

there will be commercial and hospitality spaces on the ground floor and a common

room for the students. In the basement there will be technical rooms, bike

parking, laundry, gym, a cinema room for the residents and storage rooms.

- This will be a nice addition to our portfolio of 1,800 student housing in

central Oslo. Because the housing situation for students in Oslo is more

demanding than ever, we choose to start this project even though the project

finances are challenging. In the past, we have rented out our apartments at the

same rent as SiO, but here we have to use market rent as a basis because

unfortunately our projects no longer qualify for housing bank loans (or

government support). We are therefore pleased that the settlement in connection

with the revised national budget now provides for non-commercial student housing

players like us to be able to get housing bank loans, says managing director

Svein Hov Skjelle in The Anker Foundation (https://anker.oslo.no/).

Construction work starts after the summer holidays and completion is scheduled

for 2025. The contract is included in Veidekke's order book for Q2 2024.

For further information, please contact:

Head of department Rune Andersstuen, Veidekke Bygg Oslo, tel +47 91 83 33 80,

rune.andersstuen@veidekke.no

Communications Manager Helge Dieset, Veidekke, tel +47 90 55 33 22,

helge.dieset@veidekke.no

Managing Director Svein Hov Skjelle in The Anker Foundation, tel +47 93 05 55

66, svein@anker.oslo.no

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Veidekke (http://www.veidekke.no) is one of Scandinavia's largest contractors.

In addition to undertaking all types of building and civil engineering

assignments, the group also maintains roads and produces asphalt and aggregates.

Veidekke emphasises stakeholder involvement and local experience. Annual

turnover is approx. NOK 43 billion, and almost half of its 8,000 employees own

shares in the company. Veidekke is listed on the Oslo Stock Exchange and has

posted a profit every year since its inception in 1936.