Selvaag Bolig - Selling land to the municipality of Lørenskog

Thu, Aug 23, 2012 14:36 CET Report this content

In a meeting on 22 August, the municipal board of aldermen in Lørenskog approved to purchase 50 percent of Selvaag Bolig's commercial land of 2 hectares at Skårerødegaarden in Lørenskog for NOK 50 million. The transaction assumes final approval at the meeting of the municipal council in Lørenskog on Wednesday 29 August 2012.

- Skårerødegaarden is an important area for Selvaag Bolig, where we plan to construct about 1,000 residential units. At the site, the municipality of Lørenskog intend to construct an ice hockey arena, which will further increase the attractiveness of the plot, says CEO of Selvaag Bolig, Baard Schumann.

The municipality of Lørenskog further has an option to purchase the remaining 50 percent of the land for NOK 50 million. The final decision related to exercise of the option will depend on whether the city of Oslo will be elected to host the winter Olympics in year 2022.

Following the agreement, the municipality of Lørenskog will take over the plot in 2015.

For further information, please contact:

Baard Schumann, CEO, Selvaag Bolig ASA

Mobile: +47 940 80 000, e-mail: bas@selvaagbolig.no

Haavard Rønning, CFO, Selvaag Bolig ASA

Mobile: +47 400 20 019, e-mail: hroe@selvaagbolig.no

About Selvaag Bolig

Selvaag Bolig ASA is a residential developer that provides different housing concepts to suit aspirations of different households in and around main cities in Norway and over time in selected cities in Scandinavia. The Company's prime focus is the Greater Oslo area, Stavanger, Bergen and Stockholm; areas with large and growing populations. The Company acquires and develops new residential land plots, and controls the entire value chain from acquisition of the land plots to the sale and delivery of the residential units. The Company targets a delivery of 1,500 residential units per year, and has a land portfolio on which it can develop approximately 9,000 residential units. Selvaag Bolig targets broad customer groups through the residential living concepts Selvaag Start, Selvaag Hjem and Selvaag Pluss. The Company is headquartered at Løren in Oslo.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

 

For further information, please contact:

Baard Schumann, CEO, Selvaag Bolig ASA
Mobile: +47 940 80 000, e-mail: bas@selvaagbolig.no

Haavard Rønning, CFO, Selvaag Bolig ASA
Mobile: +47 400 20 019, e-mail: hroe@selvaagbolig.no

About Selvaag Bolig

Selvaag Bolig ASA is a residential developer that provides different housing concepts to suit aspirations of different households in and around main cities in Norway and over time in selected cities in Scandinavia. The Company's prime focus is the Greater Oslo area, Stavanger, Bergen and Stockholm; areas with large and growing populations. The Company acquires and develops new residential land plots, and controls the entire value chain from acquisition of the land plots to the sale and delivery of the residential units. The Company targets a delivery of 1,500 residential units per year, and has a land portfolio on which it can develop approximately 9,000 residential units. Selvaag Bolig targets broad customer groups through the residential living concepts Selvaag Start, Selvaag Hjem and Selvaag Pluss. The Company is headquartered at Løren in Oslo.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.