AF Gruppen

Regulatory Filings • Nov 26, 2020

Building apartments for rent in Strömstad

Building apartments for rent in Strömstad

Betonmast, a subsidiary of AF Gruppen, has signed a contract with Scandinavian Property Group (SPG) for the construction of two residential areas in central Strömstad. This turnkey contract is valued at approximately SEK 239 million, excluding VAT.

The new residential developments of Linden and Häggen will be built in an old industrial area of the town. Five blocks will be built, with a total of 256 apartments.

The project is expected to commence during the spring 2021, with projected completion in November 2023. There are caveats concerning building permits and energy subsidies.

The project company is owned 45% by Betonmast Eiendom, 10% by VGL Utveckling and the remaining by SPG.

"We are delighted to be able to develop affordable apartments for rent in western Sweden. Transforming an old industrial area into a vibrant district is especially enjoyable," says CEO Jørgen Evensen of Betonmast.

For further details, please contact:

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

Bård Frydenlund, Executive Vice President, Sweden and Betonmast for AF Gruppen, tel.: +47 918 68 621