Skanska to develop and construct 6,000 homes in Oslo
Skanska to develop and construct 6,000 homes in Oslo Skanska's Norwegian subsidiary, Selmer Skanska, has been assigned overall responsibility for the development and construction of up to 6,000 apartments on the former site of the Fornebu airport in Oslo. Building will be conducted on the Fornebu area to accommodate apartment buildings and terrace houses during a ten-year period. The first stage of the project, to build some 350-400 apartments in Rolfsbukta on the Oslo Fjörd, will be commenced in the near future. Through a type of new home-saving concept, purchasers of newly built homes will be offered an attractive total cost. The initial individual investment amounts to NOK 50,000, followed by monthly savings. The Municipality of Oslo has sold the developed land to a group of investors for a total of NOK 3.1 billion. A new company, Fornebu Boligspar, has been established to develop, construct and sell the homes, in which Selmer Skanska has a 16.75 interest. Fornebu Boligspar will be responsible for a guarantee in the amount of NOK 380 million to the Municipality of Oslo. Selmer Skanska's portion of the guarantee sum is NOK 55 million. In addition, Selmer Skanska has invested NOK 40 million to enable the immediate start of the first stage of the Rolfsbukta project. Selmer Skanska is Norway's largest construction services company. Skanska acquired the Selmer building company, with sales in 1999 of NOK 7.2 billion, earlier this year. The company is currently building Telenor's new head office at Fornebu, a project worth NOK 200 million. For further information please contact: Leo Nygaenen, Vice President, Communications, Selmer Skanska Tel + 47 22 03 09 21 This and previous press releases are also available on www.skanska.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/12/08/20001208BIT00830/bit0001.doc http://www.bit.se/bitonline/2000/12/08/20001208BIT00830/bit0002.pdf