Selvaag Bolig ASA - Strategic acquisition in Sandnes
Selvaag Bolig ASA has signed a letter of intent to develop a larger area in the center of Sandnes in a joint venture with AVA Eiendomspartner AS and Varner Kapital AS. The area is approximately 7.5 hectares and gives room for development of some 600-700 residential units and 60,000 square meters of commercial area. Under the agreement, Selvaag Bolig will acquire 40 percent of the shares in Sandnes Eiendom Invest AS, the company currently holding the land. The final agreements will give Selvaag Bolig the right to acquire the land at market value after final zoning. The transaction is