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Festi hf. – Contract signed with Reitir and forcast updated for 2021

·1-min read

Festi fasteignir ehf., a subsidiary of Festi hf., has signed today a contract for the sale of three of its properties to Reitir verslunareignir ehf., previously announced on 30th of June 2021 that the company had accepted their purchase offer. All conditions of the sale have now been lifted and delivery of the assets will be 1st of November 2021.

The sale is in line with the company strategy of selling its property where own business operation is under certain limit. Total sales price is ISK 3,231 million and realized capital gain is arround ISK 290 million.

Because of this, EBITDA forcast for Festi for the year 2021 is increased by ISK 400 million and is now ISK 9,800 – 10,200 million.

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


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