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    AFG   NO0003078107

AF GRUPPEN ASA

(AFG)
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AF Gruppen : To build Construction City in Oslo

07/07/2021 | 09:02am EDT
AF Gruppen (AFG) has entered into a contract with Construction City Holding AS
to build Construction City, an industry cluster that will bring together the
construction, civil engineering and real estate industry in Norway. The contract
is valued at NOK 2,676 million, excluding VAT. 

The implementation phase will start up in the second half of 2021 and continue
until 2025. The project will be carried out as a turnkey contract with
interaction. The project organisation is a working partnership comprising AF
Gruppen and Betonmast. 

Construction City will be an office building with around 4,500 workplaces at
Ulven in Oslo. The building will have a gross area of approximately 78,000 m2 up
to 11 storeys, and will have a two-level basement with a gross area of around
25,000 m2, totalling approximately 103,000 m2 (gross area). The contract
essentially comprises all structural work, including structural shell, façades,
roof structures and internal work, groundworks and foundations. An approved
framework permit was granted by the Planning and Building Services in April
2021. The project will be certified in accordance with BREEAM Excellent. 

AF Gruppen and Betonmast will establish their headquarters in Construction City
and will enter into a 10-year lease that will start upon completion. 

"We are very pleased to have entered into the contract to build Norway's new
industry cluster for the construction, civil engineering and real estate
industry. In our future headquarters we will contribute to creating an
attractive stage for learning and development and elevate the industry's overall
competitiveness by uniting ambitious companies, partners and educational
institutions," says Amund Tøftum, CEO of AF Gruppen. 

In parallel an agreement has been reached for OBOS Eiendom AS to buy all of AF
Gruppen's (20 per cent) and Betonmast Eiendom's shares (10 per cent) in
Construction City Holding AS. The transaction will be concluded in Q3 2021. 


For further details, please contact: 
Amund Tøftum, CEO of AF Gruppen, tel: +47 920 26 712 
Tormod Solberg, EVP Construction, AF Gruppen, tel: +47 950 59 495

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 28 637 M 3 291 M 3 291 M
Net income 2021 970 M 111 M 111 M
Net Debt 2021 116 M 13,3 M 13,3 M
P/E ratio 2021 19,2x
Yield 2021 5,65%
Capitalization 18 436 M 2 123 M 2 119 M
EV / Sales 2021 0,65x
EV / Sales 2022 0,57x
Nbr of Employees 5 518
Free-Float 39,1%
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 174,00 NOK
Average target price 183,67 NOK
Spread / Average Target 5,56%
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Managers and Directors
Amund Toftum Group Chief Executive Officer
Pål Egil Rønn Chairman
Morten Grongstad President
Sverre Alf Hærem Chief Financial Officer & Executive Vice President
Arne Che Sveen Director
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