Veidekke: Residential Development Project in Oslo in Partnership with Union

Veidekke and Union Residential Development have entered into an agreement to establish a partnership for the development of the Sandakerveien 113-119 residential project in the Nydalen district of Oslo. Veidekke will acquire a 25 per cent ownership stake in the project, while Union will own the remaining 75 per cent. Veidekke will serve as the design and build contractor for the development.

Sandakerveien is a major residential development project located in central Nydalen. The property is fully zoned, and the project comprises approximately 450 homes to be developed in several phases. The first sales launch is planned for 2027, and the development is expected to be completed in 2032.

"This agreement strengthens Veidekke's position as a leading residential contractor in Oslo. The Sandakerveien project is fully aligned with our strategy of making selective project investments alongside experienced and highly competent customers and partners. As both co-owner and contractor, we are able to participate in the project's development from an early stage, which is important to us," says Hans Olav Sørlie, Executive Vice President of Veidekke Building Norway.

"Sandakerveien is an exciting residential development project. The site is fully zoned and enjoys a highly attractive location in one of Oslo's most established urban areas, providing an excellent foundation for developing high-quality homes. With Veidekke as both co-owner and design and build contractor, the project gains a partner with extensive residential expertise and strong local execution capabilities," says Baard Schumann, Managing Partner at Union Residential Development.

Veidekke's 25 per cent ownership stake represents an expected investment of approximately NOK 100 million in 2026. Total construction revenue for the project is estimated at approximately NOK 1.6 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. +47 917 44 923, hans -olav.sorlie@veidekke.no

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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.