Veidekke

Regulatory Filings • Sep 19, 2019

Veidekke ASA: Biggest ever residential contract

Veidekke ASA: Biggest ever residential contract

Veidekke has today signed a contract with M17 Utvikling AS (50/50 OBOS and

Veidekke Eiendom) to build the Middelthunet housing project with 329 apartments

at Majorstua in Oslo. The contract is worth around a billion kroner excluding

VAT. Over the course of five months, homes to the value of NOK 1.6 billion were

sold in the project.

"There has been tremendous interest in these apartments. In the first release,

42 out of 46 apartments were sold within an hour and a half, and in the second

stage, everything was sold out within an hour. The present status is that 185

out of 235 have been sold. Even though the last building with 94 homes doesn't

go on sale until the new year, we are starting construction of the entire

project now," says Executive Vice President of residential development at OBOS,

Arne Baumann.

At Middelthunet, Nordea's old head office is being replaced with homes that

still provide light in the windows and life on the streets after office hours.

This will be a state-of-the-art and attractive living environment with large

outdoor areas and a multitude of possibilities.

"We are proud of the project that we have developed in good, close cooperation

with OBOS ever since we bought the site together in 2011. This is the largest

building contract for a residential project in Veidekkes's history, and as far

as we know it is also the largest in Norway. We are looking forward to finally

getting started on construction," says Veidekke CEO Jimmy Bengtsson.

The Middelthunet project consists of three buildings of 10, 12 and 14 floors

respectively over an underground car park, a total of 45,500 m2 gross (BTA)

including a kindergarten. The 329 apartments will have a high standard and

quality and range in size from 43 m2 to 390 m2. The location is very attractive,

adjacent to Frogner Park and with shops, culture, restaurants and transport hubs

in the immediate vicinity.

The project (demolition and construction work) will be fossil-free. The

demolition works have already come a long way, while the work on the foundations

starts in October/November. The apartments are scheduled to be completed during

the course of 2022. Find more information about the project here:

www.middelthunet.no

Photo (left to right): Executive Vice President of residential development at

OBOS, Arne Baumann and CEO Jimmy Bengtsson of Veidekke.

For more information, contact:

CEO Jimmy Bengtsson of Veidekke, tel +47 98 47 00 00,

jimmy.bengtsson@veidekke.no

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

helge.dieset@veidekke.no

Executive Vice President Arne Baumann of OBOS tel. +47 90 11 38 70,

arne.baumann@obos.no

Communications Director Åge Pettersen of OBOS, tel. +47 908 58 441,

age.pettersen@obos.no

Subscribe to notices from Veidekke (http://veidekke.com/no/borsmeldinger/abonner

-pa-meldinger/)

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.