Reykjavik Energy selling museum in money saving asset firesale

Reykjavik Energy has begun the process of selling off non-core assets as part of its City of Reykjavik-led emergency bailout.

The sell-off is a condition of the company’s rescue package and is intended to lighten the burden of its debts, reported.

Saturday’s Frettabladid contained an advertisement for Reykjavik Energy’s 1,600 square metre property at Power Station Road (Rafstoduvegur) in Ellidaardalur, within the Reykjavik city limits. The property is home to the Reykjavik Energy Museum. The company is also selling two other sites.

Reykjavik Energy’s Eirikur Hjalmtysson said that the properties had been in great demand even before they were formally put up for sale and that the company hopes the eventual sale price will live up to expectations.

He added that sale of property is a key element of the company’s restructuring and could net as much as ISK 10 billion. Reykjavik Energy has already sold off smaller properties in Borgarfjordur and Mosfellsdalur, which were purchased in the winter.