(MENAFNEditorial) Reykjavík, 2017-11-20 19:07 CET (GLOBE NEWSWIRE) -- The owners of Foss fasteignafélag, that owns houses at Bæjarháls 1, have accepted an offer made by Orkuveita Reykjavíkur (OR; Reykjavík Energy) for all shares in the company. Thus, OR regains full control of the real estate where OR group's operations are centered. OR sold the property in year 2013 and has been a rentier there since. Since serious damages to about one-third of the property appeared, OR and Foss have sought a mutually acceptable solution. The results of these discussions were confirmed by OR's Board of Directors today, pending owners' confirmation. OR will pay ISK 1.4 billion for all shares in Foss fasteignafélag and take over and refinance Foss' loans amounting to ISK 4.1 billion. Cost because of the situation were forecast in OR's Consolidated Budget, published October 20th 2017.
OR has presented various options in dealing with the damages, some of which are under closer elaboration.
OR has petitioned the District Court of Reykjavík for a court-appointed estimator to evaluate the damage and its causes. Based on that, OR will assess its legal position and defend its interests.
Contact:
Bjarni Bjarnason
CEO + 354 516 6100
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