Heimar hf.: Acquisition of Gróska Completed

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The acquisition by Heimar hf. ("Heimar" or the "Company") of all shares in Gróska ehf. ("Gróska”) and Gróðurhúsið ehf. ("Gróðurhúsið”) (the "Transaction”), which was initially announced on 23 April this year, has now been completed. 

Gróska owns the property Gróska, located at Bjargargata 1, 102 Reykjavík, an innovation hub and one of Iceland's largest and most ambitious office buildings. The property comprises approximately 18,600 square meters of floor area and a 6,200 square meter underground car park with 205 spaces, totaling approximately 24,800 square meters. Gróðurhúsið operates a startup incubator and coworking spaces within the premises. The property is BREEAM certified, and as a result of the acquisition, the proportion of Heimar's certified assets has increased from 38.9% to 41.1%. 

Tenants at Gróska include the game developer CCP, the American software company NetApp, the University of Iceland Science Park, World Class, Business Iceland, and numerous other companies that are at the forefront of Icelandic innovation. The diverse mix of tenants contributes to a vibrant community in the building, aligning closely with Heimar's motto: "live, play, work." 

As previously disclosed, the purchase price was settled through issuance and delivery of 258 million new shares in Heimar. These shares have been listed on Nasdaq and delivered to the sellers of Gróska and Gróðurhúsið. 

As part of the transaction, the investment company Omega ehf. will acquire the shares from Björgólfur Thor Björgólfsson and, following the acquisition, will become the largest shareholder in Heimar with an approximate 12.5% stake. 

Halldór Benjamín Þorbergsson, CEO of Heimar: 

"Gróska is a unique building with a strong community of innovation and creative industries, and it is a perfect fit within our property portfolio. Its location within the university area, the scale and design of the building, and its proximity to the city center, in our view, will support continued demand for office and commercial space at Gróska in the long term. In recent months, we have divested individual properties from Heimar's portfolio in line with our strategy to own and operate strong hubs with diverse services in close proximity to residential areas and efficient transport links. The acquisition of Gróska and Gróðurhúsið marks a significant step in that journey and strengthens both the company and our property portfolio." 

Birgir Már Ragnarsson, Chairman of the Board of Gróska and Co-owner of Omega: 

"The sale of Gróska to Heimar is a gratifying milestone, marking a turning point in the nearly decade-long development of this innovation center in Vatnsmýri. The journey began when we, as major shareholders in CCP and in collaboration with the company's CEO, sought to build a headquarters tailored to its operations. In cooperation with CCP and the City of Reykjavík, we selected this location - primarily for its strong ties to the academic and scientific community. Having worked and invested globally in innovation for many years, the idea of building a knowledge cluster to rival leading tech campuses abroad emerged early on. That vision has been fully realized. We take great pride in how many successful companies have taken their first steps at Gróska. This confirms the success of our mission - that the building would serve as a fertile ground for the creative industries and value creation based on intellectual capital in Iceland. A project of this ambition deserves a strong owner with the capacity to continue its development. Heimar is the strongest real estate company in Iceland with a compelling vision for the future, and in my view, the right party to take over the operation of Gróska. The future is bright." 

LEX acted as legal advisor to Heimar in the transaction, while LOGOS advised the shareholders of Gróska and Gróðurhúsið. 

For further information, please contact Halldór Benjamín Þorbergsson, CEO of Heimar, tel. +354 821 0001. 

Please note that in case of discrepancy in the English and the Icelandic versions, the Icelandic version shall prevail.