Reginn ehf, a daughter company of New Landsbanki has instructed Landsbanki business advisers to co-ordinate the sale of all shares in its holding company, Smaralind ehf which owns and runs the Smaralind shopping centre in Kopavogur, near Reykjavik. In other words, Iceland’s biggest mall is now for sale.
Reginn’s website explains that the Smaralind shares are being sold by Fasteignafelag Islands ehf, which Reginn also owns and explains that Fasteignafelag Islands has been in financial trouble but that the finances of Smaralind ehf are, and always have been, strong.
The Smaralind shopping centre was opened in 2001 and instantly became an important part of the Icelandic retail scene. Smaralind is the country’s biggest shopping centre. It is 62,730 square metres in size, of which 40,490 is retail space. 95 shops and service companies inhabit the centre and in 2009 Smaralind welcomed 4 million visitors.
Smaralind ehf is in charge of the leasing and upkeep of retail space and the development and promotion of the Smaralind shopping centre.
Investors willing to put in ISK 500 million (USD 3.8 million) or more can enter the bidding war which starts today and runs for a month.