Heimar hf.: Agreement on the Purchase of Gróska by Heimar

Core Viewpoint - Heimar hf. has reached an agreement to purchase all shares in Gróska ehf. and Gróðurhúsið ehf., which includes a significant property in Reykjavík, enhancing its portfolio and shareholder value [1][3][8]. Group 1: Transaction Details - The total value of the transaction is estimated at ISK 13.850 million, which encompasses the property and Gróðurhúsið [3]. - The transaction will involve the takeover of the bond series GROSKA 29 GB, which has an interest rate of 1.20% and a market value of ISK 4 billion [3]. - The purchase price will be settled by issuing and delivering 258 million new shares in Heimar [3]. Group 2: Property and Operations - Gróska is located at Bjargargata 1, Reykjavík, covering approximately 18,600 m², with an additional 6,200 m² underground parking garage [2]. - Gróðurhúsið operates a startup center and workspace within the Gróska property, which serves as a hub for innovation [2][5]. Group 3: Strategic Importance - The acquisition is expected to increase Heimar's annual EBITDA by ISK 780 million [4]. - The developers and owners of Gróska will become the largest shareholders in Heimar post-transaction, indicating a strategic alignment and potential for growth [7]. - Heimar's management emphasizes that the purchase aligns with the company's vision of creating strong core areas and enhancing international connections [8]. Group 4: Future Steps - The agreement is subject to conditions including shareholder meeting approval, due diligence results, and final documentation [4]. - A proposal to authorize the board to issue new shares for the transaction will be presented at Heimar's annual general meeting on March 11 [8].