Veidekke

Earnings Release • Sep 26, 2019

Veidekke: To build the final 81 homes at Løren in Oslo

Veidekke: To build the final 81 homes at Løren in Oslo

Veidekke has been awarded the contract to build the fifth and final stage of the

Gartnerkvartalet residential development in Oslo by Lørenvangen Utvikling AS

(jointly owned by OBOS Nye Hjem and Veidekke Eiendom). The value of the contract

is NOK 162 million excluding VAT.

"Sales have been very good for Gartnerkvartalet. The combination of small and

large apartments with underground parking, balconies, roof terraces, several

types of garden allotments and not least large open green spaces is something

buyers obviously have appreciated. We are very pleased with having developed and

now almost completed a new, good and diverse neighbourhood," says managing

director Pål Aglen of Veidekke Eiendom.

The fifth building stage comprises one building ranging from six to eight

storeys in height, with a total of 81 apartments and underground parking. There

is a broad selection of two, three and four room apartments, where most

apartments on the ground floor will have their own garden allotment or spacious

terrace. Upon completion, a ball court will be established in a section of the

large courtyard. As an extension of the green vision, common allotments will be

established in addition to a pergola as a meeting place in the courtyard.

Occupation is planned for the summer of 2021.

Gartnerkvartalet is an extension of the neighbouring Gartnerløkka project, and

when completed it will comprise a total of 540 homes in seven blocks of

apartments built in several stages. The blocks of flats will surround a large,

sunny courtyard nearly 10,000 square metres in size with bushes, trees and

allotment gardens. The first occupants took up residence in the late summer of

2018, and the final residents will take over their apartments in the project in

the summer of 2021. The total sales value of all of the homes in

Gartnerkvartalet is around NOK 2.5 billion. The overall sales ratio for the

entire project is currently at approximately 90%.

However, Veidekke is not done building homes at Løren when Gartnerkvartalet is

completed. Lørenvangen Utvikling AS has two other projects in the area: Peter

Møllers vei 8-14 where the zoning plan was adopted in June, and Lørenvangen 25

where work on the zoning plan has started.

More information on Gartnerkvartalet: www.gartnerkvartalet.no

For press photos, see www.flickr.com/photos/veidekke, for more information

contact:

Managing Director Pål Aglen of Veidekke Eiendom, tel.: +47 99 38 92 24,

pal.aglen@veidekke.no

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

helge.dieset@veidekke.no

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Veidekke is one of Scandinavia's largest construction and property development

companies. The company undertakes all types of building construction and civil

engineering contracts, develops residential projects, maintains roads, and

produces asphalt and aggregates. The company is known for its involvement and

local knowledge. Annual turnover is approx. NOK 36 billion, and around half of

its 8600 employees own shares in the company. Veidekke is listed on the Oslo

Stock Exchange and has always posted a profit since it was founded in 1936.