Festi — M&A Activity 2021

Jun 30, 2021

Festi hf. – Sale of 4 properties to Reitir hf.

Festi hf. – Sale of 4 properties to Reitir hf.

Festi hf. has accepted purchase offer from Reitir hf. in four of its properties:

• Austurvegur 1-5, Selfoss (50% share)
• Dalbraut 1, Akranes
• Háholt 13-15, Mosfellsbæ
• Hafnargata 2, Reyðarfirði

The sale is in line with the company strategy of selling its property where business operation is under certain limit.  Krónan will in connection with the sale extend its lease agreements in all these properties to 15 years and emphasizes that this transaction will have no effect on its operation in these locations.  The sale is subject to approval from public bodies and outcome of due diligence.  The sale price is ISK 4.150 million and capital gain estimated is ISK 997 million.

For further information, please contact Eggert Kristófersson, CEO, (eggert@festi.is) and Magnús Kr. Ingason, CFO, (mki@festi.is).