Selvaag Bolig ASA - Sale of land, gain NOK 50m

Selvaag Bolig ASA has entered into an agreement with the City of Oslo for disposal of parts of the company's land at Lillohøyden in Nydalen for NOK 212.5 million.

The transaction represents a gain around NOK 50 million.

- Lillohøyden is an important area for Selvaag Bolig, where we plan to develop some 250 housing units. Sales start for the first construction stage indicates solid interest for the area, and with the City of Oslo building a new school in the area, attractiveness is expected to further improve, says CEO of Selvaag Bolig ASA, Baard Schumann.

The agreement includes that the land will be handed over as ready for construction to the City of Oslo. Existing buildings will be demolished and the gain from the transaction will be booked in the accounts in the fourth quarter 2012.

For further information, please contact:
Baard Schumann, CEO Selvaag Bolig
Phone: +47 940 80 000, e-mail: bas@selvaagbolig.no

Haavard Rønning, CFO Selvaag Bolig
Phone: +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.