Selvaag Bolig ASA - Strategic acquisition in Sandnes

Selvaag Bolig ASA has signed a letter of intent to develop a larger area in the
center of Sandnes in a joint venture with AVA Eiendomspartner AS and Varner
Kapital AS. The area is approximately 7.5 hectares and gives room for
development of some 600-700 residential units and 60,000 square meters of
commercial area.

Under the agreement, Selvaag Bolig will acquire 40 percent of the shares in
Sandnes Eiendom Invest AS, the company currently holding the land. The final
agreements will give Selvaag Bolig the right to acquire the land at market value
after final zoning.

The transaction is subject to satisfactory due diligence of Sandnes Eiendom
Invest, final agreements and board approvals from parties involved.

CEO Baard Schumann says this is a strategic investment for Selvaag Bolig.

- The transaction is in line with our strategy to continuously refill our
landbank, supporting our long term goal to finalize 1,500 residential units per
year. The land acquired is located in the centre of Sandnes, one of our core
areas, says Schumann.



For further information, please contact:
Baard Schumann, CEO Selvaag Bolig
Telephone: +47 940 80 000, e-mail: bas@selvaagbolig.no

Haavard Rønning, CFO Selvaag Bolig
Telephone: +47 400 20 019, e-mail: hroe@selvaagbolig.no

Selvaag Bolig ASA is a residential property developer rooted in 60 years of
Selvaag history and experience. At any given time, the company has several
thousand homes under construction throughout the country. Selvaag Bolig focuses
particularly on the Greater Oslo area, Bergen and Stavanger. The company manages
the entire process, from the purchase of land to the sale of finished homes.
Selvaag Bolig offers a wide variety of property types, which it markets under
the brand names Selvaag Start, Selvaag Hjem and Selvaag Pluss. The company is
led by CEO Baard Schumann, while Olav Hindahl Selvaag chairs the board of
directors. The company is headquartered at Løren in Oslo.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


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