AF Group buys property development site in Drammen

9/19/2012 6:20 AM EST

AF Group (AFG) and Nedre Buskerud Boligbyggelag 
(NBBO) have entered into an agreement to buy 100% of 
the shares in Fevang Losjeplassen AS. The company 
owns properties near Losjeplassen in Drammen Centre. 
The properties are regulated for approx. 7 000 m2 
gross area, and are planned to be developed into 
almost 100 housing units.
 
The site is valued at NOK 40 million.

AF Group and NBBO each has a 50% stake and this is 
the first property project AF Group does in 
cooperation with NBBO. AF Group's subsidiary Strøm 
Gundersen AS will carry out the building work.

"We look forward to actively contributing in the 
development of a great residential area in Drammen 
Centre together with NBBO. The project is in 
accordance with the AF Group's strategic focus on 
larger property development projects in the Drammen 
area", says Pål Egil Rønn, CEO of the AF Group.


For further information: 

CEO: Pål Egil Rønn, tel. +47 90 95 77 13 
EVP Property: Morten Grongstad, tel. +47 99 15 39 05