Veidekke — Regulatory Filings 2017

Jul 6, 2017

Veidekke to build Frysjaparken for Stor-Oslo Eiendom

Veidekke to build Frysjaparken for Stor-Oslo Eiendom

Veidekke Entreprenør AS has been contracted to build the first phase

of Frysjaparken in Oslo, which consists of 169 apartments in three

blocks. Frysjaparken is owned by OBOS Nye Hjem AS, Stor-Oslo Eiendom

and others. Stor-Oslo Eiendom has been responsible for the project

management and development of the new housing project, which upon

completion will consists of more than 900 apartments and some

commercial units. The design and build contract is valued at NOK 413

million, excl., VAT. A letter of intent has also been signed

concerning the development and execution of the next phase, which

consists of around 220 apartments.

"We are proud and pleased with the confidence Frysjaparken, via

Stor-Oslo Eiendom, has shown in us. Frysjaparken is a big project

with good opportunities for rationalising and industrialising the

construction process. The project is a good fit with respect to both

our competence as a house builder and the development of our

continuous improvement work. We are pleased to have signed this

contract and look forward to breaking ground," says project manager

Morten Barreth.

Veidekke won the contract against competition from a number of major

contractors. This is the first time Stor-Oslo Eiendom has signed

such a contract agreement with Veidekke Entreprenør AS.

"The tender submitted by Veidekke was clearly the most advantageous

from a commercial perspective. They also proved very good at

understanding the needs of the builder and adapting to these. We

hope and believe that the contract will be executed with the same

positive team spirit shown during the contract negotiations," says

Stor-Oslo Eiendom's director of development, Arne Brovold.

Frysjaparken has for many years been known as an industrial area in

the district of Nordre Aker. This is now about to change thanks to a

major urban development project in which large sections of the area

will be redeveloped from the ground up. Frysjaparken will become a

green, urban area close to the forested green belt. Veidekke will

build a varied range of high-quality, well laid out apartments.

The project will also focus on designing a good outdoor environment

that encourages activities for people of all ages and acts as a

communal social area for residents. Green, screened-off courtyards

with recreational areas, parks, roof gardens and areas for

socialising will be created between the buildings.

Demolition work has commenced, while the actual construction work

will start after the New Year in 2018. The plan is for the project

to be ready for occupancy in the second half of 2019. For more

information about the project:

http://www.soeiendom.no/prosjekt/project/frysjaparken-utvikling/

For press photos, see www.flickr.com/photos/veidekke, for more

information, contact:

Project manager Morten Barreth, Veidekke Entreprenør, mob. +47 938

83 716, morten.barreth@veidekke.no

EVP Finance Jørgen Michelet, Veidekke ASA, mob. +47 917 43 856,

jorgen.michelet@veidekke.no

Project manager Nikolai Olsen, Stor-Oslo Eiendom, mob. +47 934 10

777, nikolai@soeiendom.no

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Veidekke is one of Scandinavia's largest construction and property

development companies. The company undertakes all types of building

and civil engineering contracts, develops residential projects,

maintains roads, and produces asphalt and aggregates. The company is

known for its involvement and local knowledge. Its annual turnover

is NOK 30 billion and around half of its 7,400 employees own shares

in the company. Veidekke is listed on the Oslo Stock Exchange and

has always posted a profit since it was founded in 1936.