SKEL signs agreements for the purchase of 55 apartments at Stefnisvogur 2 and a call option to purchase 35 apartments at Stefnisvogur 12

Today SKEL signed a purchase agreement for 55 apartments, total 4,905sqm, at Stefnisvogur 12, 104 Reykjavík, owned by Stefnisvogur 2 ehf. The purchase price is ISK 4,900,000,000. The apartments will be delivered before the end of 2023.

Parallel to signing the purchase agreement, an agreement was made granting SKEL the call option to purchase 35 aparments, total 3,816 sqm, at Stefnisvogur 12, 104 Reykjavík, owned by Stefnisvogur ehf. The call option purchase price is ISK 3,243,600,000. If SKEL exercises its option, the seller will deliver the aparments before the end of 2024.

Part of the purchase price will be paid with the transfer of shares and shareholder loans in Reir þróun ehf. at booked value. On 30 June 2023, the book value of shares and shareholder loans in Reir þróun was ISK 1,753,000,000. If the call option is exercised, SKEL will have transferred all its shares in Reir þróun. The purchase price will also be financed with a bank loan and cash.

Upon delivery, SKEL will lease these apartments.

Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL: “SKEL has the experience and expertise in real estate, but 17% of the company’s assets are in real estate and real estate development. SKEL believes that there are opportunities in the real estate markets, due to changes at large rental companies. Supply has not met demand in recent years and the demand is growing year by year. The apartments at Stefnisvogur 2 will be put up for long-term rent.”

For further information, please contact Ásgeir Helgi Reykfjörð Gylfason, fjarfestar@skel.is.