Kaldalón hf. — M&A Activity 2026

Apr 9, 2026

Kaldalón hf.:

Kaldalón hf.:

Reference is made to the announcement dated 12 December 2025 regarding the signing of a purchase offer between Kaldalón hf. (“Kaldalón”) and FÍ Fasteignafélag slhf. (“FÍ Fasteignafélag”) for Kaldalón’s acquisition of real estate assets owned by FÍ Fasteignafélag.

The proposed transaction has now been approved at a shareholders’ meeting of FÍ Eignarhaldsfélag slhf., parent company of FÍ Fasteignafélag, and today the parties signed a purchase agreement for the properties. One tenant exercised its pre-emptive right in accordance with the provisions of the relevant lease agreement, and that transaction is subject to approval by the Ministry of Justice for the change of ownership of the relevant property. Should the Ministry reject the application of the holder of the pre-emptive right, Kaldalón commits to purchasing the relevant property in accordance with the terms of the purchase offer signed on 12 December 2025.

All of the properties are located in the capital area and include, among other things, hotels, healthcare facilities, and office buildings. Key assets in the portfolio include Hverfisgata 103, which houses a 100-room hotel, office premises at Borgartún 25, retail and service premises at Bernhöftstorfan in downtown Reykjavík, a healthcare facility in Glæsibær, as well as other properties.

The purchase price of the properties is ISK 12,280 million, and the transaction is fully financed through the issuance of shares and bonds to the seller. The purchase price will be paid partly through the delivery of 221,040,000 new shares in Kaldalón and partly through the issuance of bonds amounting to ISK 6,754 million. These bonds will belong to a new bond series, KALD 220437, which will be listed on Nasdaq Iceland. The bonds will be issued at a yield of 3.93% and delivered at par. The spread in the bond issuance amounts to 120 basis points above the average yield of a blended government bond yield curve over the last 10 trading days prior to the approval of the purchase offer. The purchase price will be paid upon delivery of the assets.

The transaction is subject to approval by the Icelandic Competition Authority.

Delivery of the properties is expected in the second quarter of 2026.

Corporate Finance at Íslandsbanki is the transaction advisor for the sale process of FÍ Real Estate Company.

BBA//Fjeldco provided legal advisory services.

For further information, please contact:

Jón Þór Gunnarsson, CEO

jon.gunnarsson@kaldalon.is