Blue Ocean B.V. and SMT Partners B.V. have formally finalized the sale of all shares in Festing hf. to Eik Real Estate Company hf.
The real estate portfolio of Festing consists of 12 properties, totaling about 43 thousand square meters of commercial real estate, which house the operations of Samskip hf. in Iceland. The total value of Festing in the transaction (Enterprise Value) is ISK 15,070 million.
The Corporate Finance division of Íslandsbanki served as advisor to the sellers in the transaction, and legal counsel was provided by LOGOS.
Advisors to Eik in the transaction were Arctica Finance hf. and Venture Legal ehf.
We are pleased to have completed the acquisition of Festing and look forward to the cooperation in the future. As has been stated, Festing’s properties form part of important infrastructure, and Samskip is and will remain an essential part of Icelandic society. Eik Fasteignafélag aims to invest alongside the business community, and with this transaction we are about as close to its core as possible.
Hreiðar Már Hermannsson
CEO of Eik Fasteignafélag
We are proud to have finalized the agreement for the sale of Festing and the properties the company has developed over the past twenty years. The properties, which largely support the operations of Samskip, are both high‑quality and well located, and are considered among the foremost infrastructure assets for sea and land transport in Iceland. Following the sale, the shareholders of Festing will direct their efforts toward developing new port facilities in Rotterdam, as well as supporting the continued development of Samskip’s route network in Europe. We are pleased that Eik — a strong, progressive, and professional real estate company — will take over Festing. We anticipate good cooperation with Eik in the future.
Ólafur Ólafsson
Chairman of the Board of Festing and principal owner
