Heimar hf. ("Heimar") has finalized its acquisition of all shares in Tryggvagata ehf., as previously announced on 20 February 2025. The sellers are MF2 hs. and Laxamýri ehf. The purchase price was settled in full through a combination of cash payment and assumption of debt.
Tryggvagata ehf. owns the properties located at Tryggvagata 14 and Tryggvagata 10 in downtown Reykjavík. The total floor area of the properties is approximately 5,500 square meters. The acquisition includes a 106-room, four-star hotel situated in the city center, along with an adjacent office building.
The properties are fully leased. The tenants are Exeterhouse ehf., operator of Exeter Hotel, and Aton Jl. Over recent years, Exeter Hotel has established itself as one of Reykjavík's premier hotels, located in a highly sought-after area with a unique view over the harbor. The hotel features modern design and high-quality service, which ensures a strong occupancy rate and long-term value creation.
The properties are recently constructed, having been built in 2018, and are located within Heimar's designated core operational areas. The acquisition is therefore in line with the Company's strategic priorities.
Halldór Benjamín Þorbergsson, CEO of Heimar:
"The acquisition of these high-quality, centrally located properties in the heart of Reykjavík marks an important step in Heimar's ongoing growth and core focus strategy. Exeter Hotel has, in recent years, developed a strong brand that aligns well with the Heimar's quality standards and long-term vision. With this acquisition, we further strengthen our property portfolio with premium leased assets in key locations, ensuring continued value creation for our shareholders. We look forward to a collaboration with the current tenants and extend our gratitude to the sellers and their advisors for their professional conduct throughout the transaction."
Hjalti Gylfason, Chairman of the Board of Laxamýri ehf. and Owner of Exeterhouse ehf.:
"It is a pleasure to hand over the properties we developed and built to a reliable and robust real estate company such as Heimar. Exeterhouse ehf. will continue to operate the hotel under its current brand, and we look forward to continuing to provide quality service at this unique location in the heart of the city, in close cooperation with Heimar."
LEX acted as legal advisor to Heimar in the transaction, and BBA // Fjeldco advised the sellers.
For further information, please contact Halldór Benjamín Þorbergsson, CEO of Heimar, at +354 821 0001.
