Former CEO of Glitnir Bank invests in Glitnir Property Holding

GlitnirBjarni Ármannsson, former CEO of Glitnir Bank, signed an agreement, after closing of market on Friday 21st of December, to buy 12% of Glitnir Property Holding (GPH), a subsidiary of Glitnir Bank, for ISK 970 million. Glitnir’s gain from the sale of 12% share amounts to approximately ISK 300 million. Additionally, previously deferred capital gains of ISK 1.5 billion are realized as GPH will no longer be part of the consolidated accounts. According to the most recent transactions, the unrealized fair value gains of the share amounts to approximately ISK 1 billion. GPH has offices in Oslo, Stockholm, Helsinki and Frankfurt with 84 employees.

Commenting on the transaction Bjarni Ármannsson said, “I’m very pleased with this transaction. I have always been struck by the exceptional combination of creativity, drive and determination of the people working in GPH, which has given GPH unrivalled market recognition. I look forward to working with the other owners, management and employees to further develop the business into a leading player in the commercial real estate advisory sector, including its investment management segment,”.

Bjarni Ármannsson will be nominated to the board of Directors of GPH. Currently the Board consists of the following members: Lárus Welding, Alexander Guðmundsson, Morten Bjørnsen, Knut Marius Stokke, Bjørn Henningsen, Peter Leimdörfer, Petter Bjørnstad and Frank O. Reite, Chairman.

“We are very pleased to have Bjarni Ármannsson on board. Together with Frank Reite, he was instrumental in setting up Glitnir’s real estate business and developing it into Glitnir Property Holding in early 2007. Glitnir will continue to be a shareholder and support GPH, as we foresee good potential to create further value for Glitnir’s shareholders”, says Lárus Welding, CEO of Glitnir Bank.