Hagar hf., Reginn hf., Klasi ehf., and KLS eignarhaldsfélag ehf. signed a letter of intent on Friday, September 24, 2021, regarding the development and operation of a robust real estate development company.
The letter of intent is in connection with the proposed acquisition by Hagar and Reginn of new shares in the real estate development company Klasi. According to the letter of intent, it is estimated that the ownership interest of each party, Hagar, Reginn, and KLS eignarhaldsfélag, the current owner of Klasi, will be approximately 1/3 of the issued share capital. The estimated value of Klasi's underlying investment properties following the proposed transaction will be approximately ISK 15 billion. The company's equity ratio is expected to be approximately 70% at the outset.
The proposed transaction is subject to conditions, including the results of due diligence and approval from the Icelandic Competition Authority.
The advisor to Hagar hf. in the transaction is Arctica Finance.
