Now 900 Grindvíkingar have applied to the Icelandic Property Association for the sale of property to Thórkatla and nearly 740 purchase agreements have been concluded, or about 82% of those who have applied. The company’s investment in these assets is approximately ISK 57 billion, of which the assumed debt is approximately ISK 18 billion and the purchase agreement payments are approximately ISK 36.3 billion. The company’s estimates assume that the total number of applicants will be up to 950 and that the company’s total investment will be up to ISK 75 billion.

The company began receiving assets from sellers a few years ago and the company has received nearly 400 assets in Grindavík. Almost 300 assets will be received in July and August.

The project was a turning point this week when the company started the process of finalising the acquisition of the first traders through regulatory settlement, delegation and delegation payments. As with other executions of these acquisitions, the process of regulatory settlement and delegation is carried out electronically, i.e. electronic signatures and electronic registration.

The application process is now being carried out on a systematic basis where various obstacles and irregularities have occurred. These are often quite complex cases that require more thorough examination, such as for exemption on legal domicile, estates, the problem of removing mortgages or the defined level of construction. Solutions are being sought for residence rights holders, but the processing of these cases has proved complicated. Work will continue to find a successful solution.

“Overall, we are doing well. The arrangements for meetings with the owners have been successful and their handling of the assets has generally been exemplary. Now the work on legal settlements and disposals has started and it is going well,” says Örn Viðar Skúlason, CEO of the Icelandic Property Association Þórkatla.

“The big project ahead is the outsourcing and operation of the assets in Grindavík and we are looking at how best to do that.”