AF Gruppen

Capital/Financing Update • Nov 30, 2020

Apartment construction project in Lørenskog

Apartment construction project in Lørenskog

Betonmast, an AF Gruppen subsidiary, has signed a contract with Fredensborg Bolig AS for the construction of 423 apartments in Lørenskog to the north of Oslo. The contract, which is a turnkey contract, has a value of approximately NOK 900 million, excluding VAT.

The contract relates to the construction of the Lørenskog Hageby residential project, which is distributed across five blocks. The total gross floor area is in excess of 50,000 m2 and construction is scheduled to commence in Q1 2021.

“Betonmast has enjoyed a firm footing in Lørenskog for many years, which we are further entrenching through this contract. At the same time, this is the first time we are constructing homes on behalf of Fredensborg Bolig - we really are looking forward to getting better acquainted with this reputable developer,” says Jørgen Evensen, CEO of Betonmast.

Building stage 1 is without reservations and has a value of NOK 412 million, excluding VAT. Reservations have been made regarding sufficient pre-sales for building stages 2-4.

For further information:

Jørgen Evensen, CEO of Betonmast, tel.: +47 906 09 310

Amund Tøfum, CEO of AF Gruppen, tel. +47 920 26 712