LAB Entreprenør AS, a company in AF Gruppen, has entered into an agreement with
the Student Welfare Organisation in Western Norway for the rehabilitation and
conversion of Lotheveien 2-20 in Bergen. The contract is a turnkey contract
valued at approx. NOK 150 million, excluding VAT. The agreement is subject to
board approval.

Lotheveien 2-20 consists of three detached brick buildings at Løvstakksiden in
Bergen that are currently listed. The buildings were designed by architect
Daniel Muri and built in the years 1920-1923 as municipal housing. Each of the
three buildings comprise a cellar floor, two main floors and an attic floor. 

The project includes the rehabilitation and conversion of existing apartment
buildings with 50 apartments into student housing with 170 bedsit units.

"We are very grateful to be selected to undertake an interesting project at
Løvstakksiden in Bergen for the Student Welfare Organisation in Western Norway.
This serves to further develop our expertise in protecting and revitalising the
buildings in our city. Preserving rather than demolishing and building new is
the greatest contribution we can make to reducing emissions in our industry,"
says Gard Kvalheim, managing director of LAB Entreprenør AS.

Construction work will commence in Q1 2024 and is scheduled for completion in Q2
2025.


For further details, please contact: 
 
Managing Director of LAB Entreprenør AS: Gard Kvalheim, tel. +47 907 54 394
EVP Building, AF Gruppen: Tormod Solberg, tel. +47 950 59 495