Eik fasteignafélag hf. has acquired all shares of Festing hf. in a deal valued at 15.070 billion ISK, enhancing its position in the Icelandic real estate market.

Target Company Information

Eik fasteignafélag hf. (referred to as "Eik") has recently signed an agreement to acquire all shares of Festing hf. The sellers, Blue Ocean B.V. and SMT Partners B.V., have facilitated this transaction which includes ownership of Festing's properties in Iceland that cover approximately 43,000 square meters across 12 locations. These properties primarily accommodate the operations of Samskip hf. in Iceland. The real estate leases associated with these assets are set for a duration of 20 years from the completion of the transaction.

The total enterprise value of Festing in this acquisition amounts to 15.070 billion ISK, which reflects a decrease of 230 million ISK from previous announcements. The acquisition is anticipated to be financed largely through debt. Eik estimates that the impact on the company’s EBITDA will range between 1.130 and 1.140 billion ISK on an annual basis, adjusted for the consumer price index to ensure accuracy as of June 2025. The deal is subject to approvals from competition authorities and other relevant stakeholders.

Industry Overview in Iceland

The real estate sector in Iceland has shown consistent growth, bolstered by the country's recovering economy and increased investment in infrastructure and commercial properties. With a focus on sustainability and modern living standa