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Real estate making a mark on Nasdaq Iceland

Publicerad: 24 November 2014, 00:00

Real estate related securities have been a significant part of the revival of Iceland‘s capital markets. The financial collapse of 2008 wreaked havoc on Iceland‘s economy, which contracted by 8% from its peak in 2008 to trough in 2010. Both the equity market and the corporate bond market took a huge blow. The recovery of the securities market began for real in late 2011 with the first post-crisis IPO. In July 2012 the real estate company Reginn became the second post-crisis listing and the first ever real estate company to list on Nasdaq Iceland.

To date, Reginn‘s listing has proven to be a great success for the company and its shareholders. Since listing, Reginn‘s portfolio has grown nearly 50% and now comprises 54 assets and around 220,000 square meters. Reginn has enjoyed good operating results and has actively used financing through the bond market for acquisitions and favorable refinancing of its debts. The company is currently trading at more than 70% above its IPO price and its market capitalization is now in excess of ISK 20 billion or SEK 1.2 billion. Within the next few months we anticipate the IPOs of two real estate companies, Reitir and Eik. Reitir is Iceland‘s largest real estate company with around 130 properties and 410,000 square meters in its portfolio. Eik‘s portfolio comprises 100 assets and around 270,000 square meters. Together Reitir, Eik and Reginn enjoy a combined market share in business real estate of approximately 70%. Thus, sometime next year the real estate sector could account for around 10% of Nasdaq Iceland‘s market capitalization.

Peter Malmqvist_blogg

Páll Hardarson
Vd för Nasdaq på Island.

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