Selvaag Bolig ASA: Strategic land purchase in downtown Sandnes

Stock exchange announcement from Selvaag Bolig ASA
7 March 2013

Selvaag Bolig ASA has entered into an agreement to develop a central area in the town of Sandnes south of Stavanger together AVA Eiendomspartner AS and Varner Kapital AS. The part of the site designated for housing could accommodate 450-600 homes.

The agreement has been signed following a satisfactory due diligence process with Sandnes Eiendom Invest, the company which owns the development land.

Parts of the site will be separated out into a new company where Selvaag Bolig will hold 80 per cent of the shares, and AVA Eiendomspartner AS and Varner Kapital AS will hold 20 per cent of the shares. This area can accommodate about 450-600 homes as well as a commercial section covering some 20 000 square metres (gross area).

Baard Schumann, CEO of Selvaag Bolig, describes the transaction as a strategic investment for the company. "We're very satisfied with it.

"Central Sandnes is one of our most important priority areas. This agreement accords with out strategy of continuously purchasing new land in and around Greater Oslo, Stavanger and Bergen."'

Further information from
Baard Schumann, CEO, Selvaag Bolig ASA Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

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

Selvaag Bolig ASA is a residential property developer controlling the entire value chain from acquisition of land to sale of homes. The company has several thousand homes under construction at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen and Stavanger. Selvaag Bolig represents a continuation of the Selvaag group's 60-year history and experience, and offers a broad variety of property types marketed under the brand names Start, Hjem and Pluss. The company is headquartered at Løren in Oslo.

www.selvaagbolig.no/investor