LEX advises Heimar in two recent transactions

LEX provided Heimar hf. ("Heimar" or the "Company"), one of the largest real estate companies in Iceland, with legal advice in two of its recent transactions.

On one hand, Heimar has acquired all shares in Gróska ehf. and Gróðurhúsið ehf. The aforementioned company owns the property Gróska at Bjargargata 1, 102 Reykjavík, which is approximately 18,600 square meters of office space along with an underground parking garage with 205 parking spaces, totaling about 24,800 square meters. Among the tenants of Gróska are the game developer CCP, the American software company NetApp, the Science Park of the University of Iceland, World Class, and Business Iceland. The purchase price was paid by issuing and delivering 258 million new shares in Heimar and following the acquisition, the investment company Omega ehf. is the largest shareholder of the Company with an approximate 12.5 percent ownership.

On the other hand, Heimar has acquired all shares in Tryggvagata ehf., owner of the properties at Tryggvagata 14 and Tryggvagata 10 in downtown Reykjavík. The properties currently operate Exeter Hotel, a four-star hotel with 106 rooms, along with office space. The purchase price was paid in cash and through assumption of debts, with a total enterprise value of ISK 6,375,000,000.

LEX provided Heimar with legal advice on all aspects of these transactions, including negotiations, drafting documents, and communication with the Icelandic Competition Authority.

The firm expresses sincere thanks for an excellent collaboration and extends its congratulations to Heimar and the sellers.