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SKEL fjárfestingafélag hf.: Finalisation of real estate transaction

·2-min read
SKEL fjárfestingafélag
SKEL fjárfestingafélag

It was announced on 11 August 2021 that the Board of Directors of SKEL fjárfestingafélag hf. (“SKEL”) had resolved to offer certain properties and sites owned by the Company for sale in a formal divestment process arranged by Íslandsbanki, variously with the focus on sale and leaseback for the longer term or as opportunities for development.

Last 22 December an announcement was published of the progress of the transaction, where it was revealed that SKEL had signed a Terms of Agreement with Kaldalón concerning 13 properties and a Memorandum of Understanding with F33 ehf. regarding a development project relating to four of the properties; in addition, it was revealed that negotiations were in progress on the sale of the properties at Austurströnd 7, 107 Seltjarnarnes, and Litlatún in Gardabaer with separate parties, while SKEL had decided to postpone the sale of two properties.

In a notice from SKEL dated last 31 March it was announced  that following approval by SKEL’s Annual General Meeting of the sale of certain real estate to Kaldalón hf., SKEL and Fasteignastýring ehf., a wholly-owned subsidiary of Kaldalón, had  signed a purchase agreement for the properties question, subject to several insignificant reservations. The reservations have now all been lifted and the properties have been transferred to Fasteignastýring ehf. Orkan IS ehf. and Löður ehf., both subsidiaries of SKEL, have rented the properties with the execution of lease agreements to such effect. The selling price of the properties is unchanged from the price specified in the earlier notice.

Also, SKEL has now formalised in further detail its partnership with F33 ehf. concerning the properties slated for development under a similar arrangement to the one announced last 22 December. Accordingly, SKEL and Fasti Holding Company ehf., the owner of F33 ehf., have established the company Reir ehf., which they will own in equal shares. SKEL will contribute to the new company the properties at Birkimelur 1, 107 Reykjavík, Skógarhlíð 16, 105 Reykjavík, Kleppsvegur, 104 Reykjavík, and Reykjavíkurvegur 58, 220 Hafnarfjörður, which in the transaction are valued at ISK 1,700,000,000. Orkan IS ehf. will rent the properties from Reir Development ehf. Fasti ehf. will contribute to the company its holdings in F33 ehf.; the assets of the company are the site of Hnoðraholt in Gardabaer, together with all the building rights relating to residential housing permitted on the site, together with appurtenant site rental rights, in the total value of ISK 1,400,000,000.

In addition, work is in progress on arrangements and contracts for the sale of the properties Austurströnd 7, 170 Seltjarnarnes, and Litlatún in Gardabaer. It is anticipated that progress will be made regarding that transaction this summer. If and when that happens the sale of all the properties referred to in the notice of last 22 December will be finalised.

For further information, please contact Jón Ásgeir Jóhannesson, Chairman of the Board of Directors, (

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