AF Gruppen

Capital/Financing Update • Nov 10, 2020

New site acquisition in Oslo

New site acquisition in Oslo

AF Gruppen has entered into an agreement with the Ministry of Justice and Public Security c/o the Directorate for Civil Protection and Emergency Planning (DSB) to buy 50% of the property at Trondheimsveien 529.

The property is being acquired jointly with BORI Utbygging AS, who will own the other 50%. The site measures 17.4 acres and is located in Grorud. It is in close proximity to Lillomarka with views across parts of the Grorud Valley.

To date, Trondheimsveien 529 has been used by the Oslo and Akershus civil defence district. There are now plans being prepared for an integrated area with up to 300 homes, open squares and green spaces. The site has been set aside for residential housing in the current municipal plan and is subject to planning permission prior to any further development. The agreed price for the property is NOK 118 million on a 100% ownership basis. It is expected that the contract will be signed before the end of Q4 2020 and that the transaction will take place in Q1 2021.

"We are pleased to realise yet another site purchase in an area where we see great potential for development. The site benefits from an attractive location in a priority growth area of Oslo," says Ida Aall Gram, EVP Property and HR/Communication at AF Gruppen.

For further information:

EVP Property, HR and Communication, Ida Aall Gram, tel. +47 918 00 826

CEO, Amund Tøftum, tel. +47 920 26 712