Skanska and SPDE start construction at Fornebu Hageby I (NO)

In 2001 Scandinavian Property Development ASA (`SPDE`) and Skanska entered into an agreement regarding the residential construction at Fornebu. The parties have now negotiated the first construction contract, consisting of 158 apartments in the project Fornebu Hageby I. The contract is a fixed price contract of NOK 365 million ex. VAT. (approx.