10/4/2011

Fornebu Utvikling ASA sold 20 housing units at a total value of NOK 133 million during third quarter 2011. Average price per sqm in the period was approx. 58 000 NOK per BRAs.

In total, 208 housing units have been sold so far this year, at a total value of just under NOK 1.1 billion.

- The strong demand for new homes at Fornebu continues, and our sales year to date is equivalent to last year sales overall. Sales in the third quarter are characterized by a somewhat limited inventory, but with three or four new sales starts in the fourth quarter, we expect a significant upturn in sales. The sales target for 2011 of a total of 300 homes maintains, says CEO Morten Grongstad.

The revenues will be recognized in the income statement when the housing units are handed over to the customer. The sales are mainly related to the Hundsund area, Rolfsbukta, Koksabukta and Storøya.

For further information, please contact:

Morten Grongstad, CEO, tel: +47 99 15 39 05

About Fornebu Utvikling

Fornebu Utvikling (FBU) is a Norwegian real estate company listed on the Oslo Stock Exchange. The Group develops and sells residential and commercial properties of high quality. Currently, the Group has development projects at Fornebu outside Oslo (Norway) and in Odense (Denmark).