AF Gruppen

Earnings Release • Jun 9, 2017

AF Gruppen wins new construction contract at Lillo Gård

AF Gruppen wins new construction contract at Lillo Gård

AF Gruppen has entered into an agreement with Lillo Gård KS to build

Lillo Gård area A0 (Lunden) in Nydalen in Oslo. Lillo Gård KS is

owned by OBOS, Aspelin Ramm, Trond Mohn, AF Gruppen and others. Area

A0 comprises 241 apartments in 7 blocks, including 1 subterranean

floor with parking, technical facilities and storage spaces. In

addition there is approx. 1,000 m2 of kindergarten, associated

outdoor areas and infrastructure.

Planning has started, and groundworks are expected to commence in

October 2017. Completion of the entire project is scheduled for Q3

2020. The construction of the apartments is subject to adequate

advanced sales. The project will be carried out as a turnkey

contract with a total value of approximately NOK 600 million,

excluding VAT.

Lillo Gård comprises a total of 420 apartments, a community square

and a newly restored farm. Lillo Gård and several of the surrounding

buildings are protected, and the new homes will be centrally located

in an area that is really coming into its own. AF Gruppen has

previously built Lillohagen 1 and 2 in the immediate vicinity of

Lillo Gård, and is currently building 178 apartments at Lillo Gård

areas B1 and B2.

"We appreciate the confidence strong partners have shown in us by

awarding us this contract, and we're looking forward to continue to

contribute to the development of a new and attractive residential

area," says CEO of AF Gruppen, Morten Grongstad.

For further information:

CEO: Morten Grongstad, tel. +47 991 53 905

EVP Building Greater Oslo and Sweden: Henning Olsen, tel. +47 917 41

592