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
Veidekk press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
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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.
Exchange\, and has posted a profit\
every year since its inception in 1936.\