The contract with Stor-Bergen Boligbyggelag has a value of approximately NOK 84 million excluding VAT and covers the construction of 82 apartments. The project is part of Kyrresborg Borettslag

(a housing cooperative) and is located in Sandviken, one of Bergen's most attractive residential areas.

The building will have seven floors with a gross floor area of 12,000 m2 including parking and shopping facilities. The size of the apartments will vary between 25 m2 and 130 m2.

On the ground and first floors there will be an ICA shop and parking facilities for 156 vehicles. The contract with ICA Eiendom AS is worth approximately NOK 18 million excluding VAT.

A blanket application is now being processed by the municipal authorities. Construction is scheduled to start at the beginning of April this year. The work will be carried out as a turn-key project.

The apartments will be ready for occupancy in 2006, immediately after the summer holidays.

For more information, please contact:

Development Manager Tor Inge Døsen, Stor-Bergen Boligbyggelag,

phone + 47 55 94 27 33

Project Director Øistein Pjaaka, ICA Eiendom AS,

phone + 47 23 05 50 00

Client's Representative Gaute Henriksen, Profier AS,

phone + 47 55 32 41 62/

District Manager Lars Rune Folkedal, Veidekke Entreprenør AS,

phone + 47 55 38 70 00

Project Manager Are Westby, Veidekke Entreprenør AS,

phone + 47 55 38 70 00