SKEL purchases 50 apartments at Stefnisvogur

It was announced on 22 September 2023, that SKEL had purchased 55 apartments located at Stefnisvogur 2, 104 Reykjavík, along with an option to purchase 35 apartments, totaling 3,816 square meters, at Stefnisvogur 12, 104 Reykjavík, owned by Stefnisvogur ehf. The call option purchase price was ISK 3,243 million.

SKEL has exercised the aforementioned call option and the parties have reached an agreement on the purchase of more apartments, adding up to a total of 50 apartments at Stefnisvogur 12, with a total size of 5,534 square meters. The agreed purchase price, as per the purchase agreement signed today, is ISK 4,704 million, equivalent to 850,000 per square meter of residential property.

Part of the purchase price will be paid with the delivery of share capital and shareholder loans in Reir þróun ehf., amounting to ISK 726 million. Once the transaction is settled, SKEL will have transferred all ownership shares and shareholder loans in Reir Þróun, in exchange for apartments. With this transaction, SKEL has acquired a depreciable asset of approximately ISK 3,800 million and can defer income tax payments that were otherwise due in 2025.

It is estimated that the apartments will be delivered in the fourth quarter of 2024. These apartments will be offered for long-term rent through a rental agent. All properties that SKEL has already purchased have been leased out.

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