The board of directors of Servatur has removed the Nordic company Oystein Topp from his position and given entry to the owner of 50% of the property, Ivar Tollefsen together with Gullestad Erik since last November 24, as confirmed this Monday to Maspalomas24H by a financial source. This move with Ivar Tollefsen coincides with the Norwegian billionaire's decision to buy back a portfolio of Icelandic properties to improve his leverage in one of his key companies, the holding company Fredensborg AS, owned by Tollefsen.
Fredensborg AS announced last Friday that it would buy Iceland's largest residential real estate company with a book value of around $546 million, according to a statement sent to Maspalomas24H. The seller of the portfolio of 1.625 homes is Heimstaden AB, a real estate investment company in which Tollefsen has 96% of the votes and 70% of the share capital. Heimstaden acquired the Fredensborg portfolio in 2021.
The purchase price paid at closing of the transaction is $136 million, and the agreement includes a deferred purchase price of substantial cost. The deal leaves Heimstaden with only one major asset: its shares in Swedish owner Heimstaden Bostad AB, in which Tollefsen's Heimstaden and pension fund Alecta are the joint largest shareholders with a 38% stake each.
Swedbank AB analyst Axel Andersson noted that while the deal benefits short-term note holders, “further action needs to be taken” for longer-term maturities. Heimstaden Eurobonds due 2027 fell 3,1 euro cents to 48 cents on Friday.
