Veidekke

Earnings Release • Oct 7, 2022

Veidekke: Building more homes in Lillestrøm

Veidekke: Building more homes in Lillestrøm

Veidekke has been commissioned by Nesgata 19 utvikling AS (a joint venture by

OBOS Nye Hjem and Otto Olsen Boligutvikling) to build the second tranche of

housing in the Kvarteret residential project in the town of Lillestrøm. The

commission is a design and build contract worth NOK 248 million excluding VAT,

and will entail the construction of 84 eco-certified apartments and an

underground car park.

"We are grateful for the renewed vote of confidence from OBOS and Otto Olsen

Boligutvikling, and thrilled to have the opportunity to continue building work

as part of the major Kvarteret project. We particularly appreciate that the

project's ambition is to be certified as Very Good under the BREEAM-NOR

environmental standard, and it is really very gratifying to see how well

-received these homes have been by the market," says Kaare Gilhus, Head of

Department at Veidekke Bygg Oslo.

The parcel in question referred to as the second quarter featured plans for 136

housing cooperative units of varying sizes from one- to five-room apartments.

Veidekke's contract in this phase relates to the construction of two buildings,

of five and six storeys above ground respectively, containing 32 and 52

apartments. A lift to all residential floors will run from the underground

parking facilities. The area will be car-free and the apartments will be

constructed to a high standard with efficient and contemporary floor plans and

large balconies with excellent lighting and sun conditions.

"We have been very pleased with our cooperation with Veidekke to date and look

forward to continuing to develop Kvarteret together with them. We will make sure

that Kvarteret is an environmentally friendly neighbourhood while also ensuring

that its residents can travel wherever they want to using public transport. It

won't be far to the nearest bus stop and railway station, and the train will

have you at Oslo Central Station in just fifteen minutes," says Arne Baumann,

OBOS Executive Vice President Residential Development.

Kvarteret is situated on the southern side of Lillestrøm and has been known as

an area with minor industry and residential neighbourhoods for a number of

years. This is now changing, thanks to the development project, in which large

sections will be redeveloped from the ground up. Residents will be within

walking distance of almost everything that is on offer, including shops,

eateries, cultural facilities and public transport, with Oslo Central Station

and Gardermoen Airport just 10-15 minutes away by train.

Construction will begin immediately and completion is scheduled for the winter

of 2024/2025. Further details about the project: www.obos.no/

kvarteret (http://www.obos.no/privat/nybolig/boligprosjekter/akershus/kvarteret)

The commission is included in Veidekke's order book for Q3 2022.

For further information, please contact:

Head of Department Kaare Gilhus, tel. +47 45 03 01 97, kaare.gilhus@veidekke.no

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

helge.dieset@veidekke.no

OBOS Director of Communications Thomas Skjennald, tel. +47 92 68 61 00,

thomas.skjennald@obos.no

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Veidekke 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 38

billion, and around half of its 7,800 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.