Heimar hf. Expands Portfolio with Gróska Acquisition Deal
Heimar hf. has taken a significant step by reaching an agreement to acquire all shares in Gróska ehf. and Gróðurhúsið ehf. This strategic acquisition is set to bolster Heimar's portfolio and enhance its position in the market.
Details of the Gróska Acquisition
Gróska is recognized as a major player in the innovation sector, housing one of the largest office buildings in the country with a robust community of startups and established companies. This property spans approximately 18,600 m², complemented by a substantial 6,200 m² underground parking garage designed for 205 vehicles.
The complete valuation of the acquisition is estimated at ISK 13.850 million. Included in this figure is the acquisition of the bond series GROSKA 29 GB, which holds an interest rate of 1.20% and is valued at ISK 4 billion based on current market conditions. Notably, Heimar plans to finance the purchase through the issuance of 258 million new shares.
Impact on Heimar's Financial Metrics
The management at Heimar anticipates that this acquisition will positively influence the company's annual EBITDA by ISK 780 million. This expectation highlights how strategic growth can directly impact financial performance.
Conditions Surrounding the Agreement
While the agreement is a promising pathway for Heimar, it remains contingent on several factors including the approval of shareholders, successful completion of due diligence, final documentation, and the requisite clearance from the Competition Authority. These steps are essential to ensure a smooth transition and solidify the terms of the acquisition.
Gróska: A Hub of Innovation
Gróska stands as a beacon of innovation in Iceland, fostering an environment where entrepreneurs, companies, government entities, and educational institutions collaborate. This synergy forms a vibrant community that supports the evolution of creative ideas into reality, underpinned by a rich cultural and social backdrop.
Key Tenants of Gróska
The tenant roster at Gróska is impressive, featuring notable names such as game developer CCP and the American software giant NetApp. Additionally, the Science Park of the University of Iceland and various other pioneering organizations underscore Gróska's pivotal role in the local innovation landscape.
Why Heimar Chose Gróska
Heimar's keen interest in acquiring Gróska is attributed to its prime location, structural quality, and close ties to the scientific community in Vatnsmýri. These factors combine to create an attractive investment opportunity that aligns with Heimar's vision of strong core areas in real estate.
Leadership Comments on the Acquisition
Halldór Benjamín Þorbergsson, Heimar's CEO, stated that this acquisition aligns with the company's strategic goals and will bolster shareholder value. He expressed enthusiasm for welcoming new private investors into the shareholder group, which is seen as a catalyst for enhancing international ties and furthering corporate development.
Birgir Már Ragnarsson, Chairman of Gróska, emphasized the project's ambitious beginnings and the independent, creative lifestyle it promotes. He shared confidence in Heimar's vision for Gróska, indicating a strong alignment with their long-term development strategy, reminiscent of trends observed in major cities internationally.
Next Steps for Heimar
A shareholder meeting is scheduled, during which a proposal will be made to approve the issuance of new shares to finance the acquisition. This decisive moment will allow stakeholders to weigh in on this transformative opportunity for the company.
Looking Ahead
As Heimar navigates the final stages of this acquisition, more detailed updates will be shared in accordance with statutory disclosure requirements. The LEX law firm is advising Heimar throughout this process while LOGOS slf. supports the shareholders of Gróska and Gróðurhúsið.
For inquiries about this acquisition and its implications, please reach out to Halldór Benjamín Þorbergsson, CEO of Heimar, at 821 0001.
Frequently Asked Questions
What is the focus of the acquisition by Heimar hf.?
Heimar hf. is acquiring Gróska and Gróðurhúsið to enhance its portfolio and respond to market demands in the innovation sector.
What financial impact is expected from this acquisition?
The acquisition is anticipated to increase Heimar's annual EBITDA by ISK 780 million, signaling growth potential for the company.
What properties are included in the transaction?
The transaction includes Gróska, which houses significant office space and serves as a startup hub, along with the startup center operated by Gróðurhúsið.
What are the conditions for the acquisition to proceed?
The acquisition is subject to shareholder approval, due diligence outcomes, final documentation, and obtaining permissions from the Competition Authority.
Who can I contact for more details about the acquisition?
All inquiries can be directed to Halldór Benjamín Þorbergsson, CEO of Heimar, at the provided contact number.
