Scandinavian Property Group (SPG) has signed a contract with Seby AS, a
subsidiary of Veidekke, for the construction of the award-winning residential
project Stovner Torg in Oslo. The design-and-build contract of the first phase
is valued at approx­imately NOK 350 million, excluding VAT.

"We are delighted to have won the competition for this project and would like to
extend our sincere thanks to SPG for the confidence they have placed in us. We
particularly appreciate that the project is innovative and future-oriented, with
ambitious environmental goals. The project will be built in accordance with the
EU Taxonomy and will be Norway's first large-scale new residential project
developed under the FutureBuilt circular framework," says Bjørn Ove Liavaag,
Managing Director of Seby AS.

Stovner Torg is one of two winning projects in the Reinventing Cities
competition organized by the City of Oslo in collaboration with 15 other major
cities committed to tackling climate change. The aim of the initiative is to set
new standards for climate-friendly urban development and to pave the way for new
interdisciplinary approaches in order to achieve the best innovative solutions
for the cities of the future.

"We see Seby as a highly solution-oriented contractor with valuable experience
from FutureBuilt projects. The quality of their bid and their strong
understanding of the project's environmental ambitions made them a natural
choice. We look forward to a good collaboration going forward," says Henrik
Tune, Head of Development at Scandinavian Property Group.

The first phase comprises 137 apartments, ranging from one- to four-bedroom
units, located in two eight-storey buildings with multiple entrances, as well as
a shared underground parking facility. The project will also include the
construction of several communal amenities, three guest apartments, rooftop
terraces, courtyard areas for play, and landscaped outdoor spaces.

Stovner Torg is planned to be developed in three phases, totalling 280
apartments. The overall contract between Seby AS and Scandinavian Property Group
for the entire project amounts to approximately NOK 670 million, excluding VAT.
The remaining contract value will be included in Veidekke's order backlog once
sufficient sales have been achieved to initiate construction of the subsequent
phases.

Detailed design work is well underway. Construction is scheduled to commence in
May, with planned completion during the first quarter of 2028.

The contract is included in Veidekke's order book for Q2 2026.

For further information, please contact:

Managing Director Bjørn Ove Liavaag, Seby, tel. +47 90 69 35 77, bjorn
[email protected]

Communications Manager Helge Dieset, Veidekke, tel. +47 90 55 33 22,
[email protected]

Veidekke's press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
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Veidekke (http://www.veidekke.com/) 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.