Real estate firm Íþaka fasteignir ehf. (www.ithaka.is) recently refinanced a portion of its loan portfolio with a bond issue, ITHAKA 070627, in the amount of ISK 3bn. The amortised and inflation-indexed issue matures in 2027, five years from now. The bonds are issued for at a yield of 1.73%. An application for listing on the Nasdaq Iceland Main Market is planned. This is Íþaka’s second bond, following ITHAKA 291128, issued in 2021.
The company’s asset portfolio comprises 70,000 m2 of favourably located leased property in the capital area. High-quality office and service space accounts for 62% of the portfolio, and hotel and industrial space account for 24% and 8%, respectively. The main assets owned by the company include properties located at Katrínartún 4, Þórunnartún 1, Þórunnartún 2, Grjótháls 5, Lyngháls 4, Fossháls 17-25, Dragháls 18-16, and Norðlingabraut 12. The tenant group is strong, with public entities and corporate issuers of listed financial instruments providing roughly half of leasing income.
Íslandsbanki acted as advisor to Íþaka and oversaw the bond sale and application for admittance to trading. Lex Law Offices handles collateral on behalf of bondholders, and calculations of the financial terms and conditions for the issue were confirmed by Ernst & Young.
For further information, contact Gunnar Valur Gíslason, gunnarvalur@ithaka.is, tel: +354 822 4403.