Veidekke to renovate property on Karl Johan

Oslo, 23 November 2017

Veidekke Entreprenør will renovate and extend Karl Johans gate 14 in Oslo city centre for AVA EiendomsPartner AS. The property is to be remodelled to accommodate offices and retail premises for H&M. This is a turnkey contract valued at NOK 300 million, excluding VAT.

After renovation and remodelling, H&M will take over Karl Johans gate 14. Here the first H&M Flagship Store in Norway will emerge across five storeys, while the top two floors will be used for offices. Overall, H&M will lease more than 10,000 m2 of the property.

"AVA is very pleased to have H&M as a long-term tenant. Now the building on the city's most famous street will be returned to its former purpose with outward-looking retail on most floors. The property has a particularly excellent location, a historic and beautiful façade, access from several sides, very high ceilings and not least good exposure opportunities," says general manager Arne Vannebo of AVA EiendomsPartner AS.

In recent years Karl Johans gate 14 has been the home of TV2 in Oslo. The property currently comprises five floors above ground, in addition to a basement and garage facility, and it has an interesting history. The University was located here in the early 1800s, The Post and Telegraph Service was headquartered here from 1868, and for many years there was a lamp shop on the corner run by Elektrisitets-Aktieselskapet Watt, which gave the building its name, Wattgården.

Construction starts in December with completion in April 2019.

For more information, contact:
Head of Department Hans Olimb, Veidekke Entrprenør, tel. +47 95 02 06 37,
Communications Manager Helge Dieset, Veidekke Entreprenør, tel. +47 90 55 33 22,
General manager Arne Vannebo of AVA EiendomsPartner, tel. +47 99 79 60 31,

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Veidekke is one of Scandinavia's largest construction and property development companies. The company undertakes all types of building construction 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.