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Íslandsbanki advises on the sale of Festing to Eik

Festing hf., which owns and operates around 43 thousand square meters of commercial real estate in Iceland, has signed a purchase agreement with Eik fasteignafélag hf. for the sale of all shares in the company. The sellers are Blue Ocean B.V. and SMT Partners B.V., the owners of Festing.

Festing’s property portfolio consists of 12 properties that house the operations of Samskip hf. in Iceland. The total value of the transaction is ISK 15,070 million. The transaction is subject to certain conditions, including approval by the Competition Authority, and it is expected to formally close in the coming months.

Íslandsbanki Corporate Finance played a key role as advisor to the sellers, and legal counsel was provided by LOGOS.

Eik fasteignafélag intends to use the portfolio to strengthen its position in the real estate market. The merger is expected to generate annual EBITDA effects of ISK 1,130–1,140 million, based on June 2025 price levels.

Advisors to Eik in the transaction were Arctica Finance and Venture Legal ehf.