AF Gruppen

M&A Activity • May 7, 2025

Building apartments in Drammen

Building apartments in Drammen

Betonmast, a subsidiary of AF Gruppen, has signed a contract with Scandinavian Property Group (SPG) for the construction of 150 apartments in Drammen. The contract, covering two construction phases, is a turnkey contract with a total value of 563 million excluding VAT.

SPG plans to build a total of 150 apartments in the Slippen project. The total development area amounts to 19,300 square meters GFA. Additionally, an underground parking garage with 115 parking spaces will be constructed.

The project is subject to an approved detailed zoning plan, expected in June. The start of construction for phase 2, consisting of 69 apartments, is contingent on sufficient pre-sales.

"After a successful collaboration phase, we now look forward to continuing the good cooperation with SPG during the execution of this project," says Peter Sandrup, CEO of Betonmast.

Construction is scheduled to begin in the fourth quarter of 2025, with expected completion in the fourth quarter of 2027.

For further information:

Peter Sandrup, CEO of Betonmast, Tel.: 915 88 645

Bård Frydenlund, EVP Sweden and Betonmast for AF Gruppen, Tel.: 918 68 621