Press release by Landic Property regarding sale of their portfolio to our consortium, which in turn allowed them to restructure their company.
16 april 2009
Landic Property completes sale of Finnish subsidiaries and signs agreement for sale of Danish and Swedish subsidiaries
Landic Property hf. has completed the sale of its Finnish subsidiaries to Trackside Holding and has also signed an agreement with them in relation to the sale of its Danish and Swedish subsidiaries.
As a part of this agreement, Landic Property hf. will retain a 20% share in the Danish and Swedish entities. The Danish and Swedish transactions will be finalised upon completion of confirmatory due diligence and bank approval. Trackside Holding is an investment company whose owners already hold significant real estate investments in Europe.
As previously announced, Landic Property has conducted a strategic review during the last few months. Part of the strategic review, lead by financial advisers UBS and Catella, has been to explore the possible disposal of certain asset platforms or subsidiaries. This has culminated in the agreement with Trackside Holding and represents an important milestone in Landic Property´s ongoing restructuring process.
The restructuring work has been carried out in close co-operation with the main creditors of the company, which is reflected in the fact that a new board of Landic Property hf. has been elected, representing the company’s main creditors.
When the Danish and Swedish transactions have been completed, Landic Property hf.’s real estate exposure will mainly be in Iceland, where it remains the single largest owner of property.
Landic Property hf
Vidar Thorkelsson, CEO
Phone +354 575 9000
Landic Property A/S
Michael Sheikh, CDO
Phone: +45 33 78 40 00