Peab, a Nordic construction and civil engineering company, has been awarded a contract to start renovation works on 12 residential buildings in Tromsø, Norway, for client Knausen Bostadsrättsförening.
The deal is worth Nkr141m ($12.87m).
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The renovation project will encompass a range of improvements, including enhanced insulation, facade windproofing, window replacements, and the installation of new balconies and front doors.
The renovation initiative is part of a larger commitment to sustainability and will involve the reuse of materials from other projects, as well as the utilisation of surplus construction materials from local sites.
The tenant-owner association, consisting of 193 apartments across the 12 buildings, will also see upgrades to entrance halls, the addition of new balconies, an improved ventilation system, and insulation for the parking garage.
Peab Norway district manager Kjell Christoffersen said: “We’re grateful for the trust placed in us and look forward to starting the renovation work for the tenant-owner association. The project is complex in terms of both logistics and measures needed to reduce the inconvenience to residents during the construction period.
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By GlobalData“Renovation is an important strategic area for Peab and we have extensive experience in this type of projects. We’re particularly pleased to promote circularity to reduce environmental impact.”
The company has scheduled the commencement of work for this month, with an expected completion date in 2027.
The project will be officially recorded as an order in the fourth quarter of 2024.
Headquartered in Förslöv, Sweden, Peab boasts a workforce of 14,000 employees and reported net sales of Skr58bn.
Earlier this month, Peab further expanded its portfolio by securing a contract for the construction of two new apartment buildings in the Oulunkylä district of Helsinki, Finland.
This project, for the City of Helsinki body, is valued at €13m and is set for completion by mid-2026.
