Veidekke: Residential Development Project in Bergen in partnership with OBOS

Veidekke and OBOS have entered into an agreement to establish a 50/50 partnership for the development of the Kristiansholm residential project in the Sandviken district of Bergen. The companies will jointly own the project, while Veidekke will serve as the design and build contractor for the development.

Kristiansholm is a major urban development project that will transform a former commercial area into a new residential neighbourhood comprising approximately 380 homes. The project is planned to be carried out in several phases, with the first sales launch expected in 2027 and a total construction period of approximately eight years for all phases combined.

"We are very pleased to be undertaking this project together with OBOS. As a strong residential contractor, Veidekke sees Kristiansholm as a good fit with our strategy of making selective project investments alongside high-quality customers and partners," says Hans Olav Sørlie, EVP of Veidekke Building.

"Kristiansholm represents a unique opportunity to develop a vibrant new neighbourhood close to the city centre and with direct access to the waterfront. Having Veidekke on board both as co-owner and contractor further strengthens the project's execution capability," says Ingunn Andersen Randa, Executive Vice President, Urban Residential Development at OBOS.

Veidekke's 50 per cent ownership stake represents an expected investment of up to NOK 150 million. The agreement is subject to the zoning plan for the area becoming legally final, and the transaction is expected to be completed in autumn 2026. Total construction revenue for the project is estimated at just over NOK 2 billion over the project's lifetime.

The construction contracts will be included in Veidekke's order backlog as contracts for the individual development phases are awarded.

For further information, please contact: Jørgen Wiese Porsmyr, CFO, tel. +47?907 59 058, jorgen.wiese-porsmyr@veidekke.no Hans Olav Sørlie, Executive Vice President, tel. +47 91 74 49 23,  hans -olav.sorlie@veidekke.no

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028 -Pressebilder-Veidekke/) Subscribe to notices from Veidekke (http://veidekke.com/no/borsmeldinger/abonner -pa-meldinger/) Veidekke is one of Scandinavia's largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 43 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange, and has posted a profit every year since its inception in 1936.