Skanska Invests NOK 360M, About SEK 360M, in Residential Development Property in Oslo, Norway
Skanska has bought the development property Sinsenveien 51-53 of Axer Eiendom AS. The net investment for residential purpose amounts to NOK 360M, about SEK 360M, and will be recorded by Skanska Norway in the third quarter 2016.
The property is located in the attractive residential area Løren/Sinsen in central Oslo, Norway, and covers 14,000 square meters. Skanska’s long-term goal is to develop 300-350 apartments in the project, which is planned to be implemented in four phases from 2019 and onwards.
The investment is the single largest Skanska has made in a development property in Norway since 2000.
Skanska Norway focuses on construction and civil engineering operations. The unit has approximately 4,000 employees. In 2015, Skanska Norway reported revenue of about SEK 12 billion. In Norway, Skanska is also active in development of residential, commercial properties and public private partnerships (PPP) projects.