Landsbankinn Acceptance of Austurstræti and Hafnarstræti Buildings Offer

Deal News | Jul 25, 2025 | Landsbankinn HF

Landsbankinn Acceptance of Austurstræti and Hafnarstræti Buildings Offer

Landsbygg, a real estate and development firm in Iceland, has successfully acquired the historic Austurstræti 11 and Hafnarstræti buildings from Landsbankinn HF. The transaction, valued at ISK 2.85 billion, marks Landsbankinn's divestment from its iconic buildings designed by State Architect Guðjón Samúelsson. Austurstræti 11, with a storied history dating back to its erection in 1898, stands as a cornerstone of Icelandic architectural heritage. Landsbygg, led by Chairman Guðjón Auðunsson, intends to restore and revitalise these buildings, harnessing their history and character to inject vitality into the city centre. This development aligns with Landsbygg's broader real estate strategy that focuses on preserving historical elements while creating modern, vibrant spaces. As Landsbankinn transitions to its new headquarters, the sale of the last of its so-called Landsbankinn buildings signifies a new chapter for both the bank and the cityscape.

Sectors

  • Real Estate and Development
  • Banking

Geography

  • Iceland – The transaction and restoration projects are based in Iceland, specifically involving significant historical buildings in Reykjavík.

Industry

  • Real Estate and Development – Landsbygg is a real estate and development company specializing in restoration projects, relevant due to its acquisition and planned restoration of historical buildings.
  • Banking – Landsbankinn HF, a key participant in the transaction, is divesting from its historical bank buildings.

Financials

  • ISK 2.85 billion – The sale price for the Austurstræti 11 and Hafnarstræti buildings.

Participants

NameRoleTypeDescription
Landsbankinn HFSellerCompanyAn Icelandic bank divesting its historical buildings to move operations to a new headquarters.
LandsbyggBuyerCompanyA real estate and development company focused on restoring historical buildings and revitalizing urban areas.
Guðjón SamúelssonArchitectPersonThe State Architect who originally designed Austurstræti 11 and its fittings.
Lilja Björk EinarsdóttirCEOPersonCEO of Landsbankinn, involved in the decision to sell the buildings.
Guðjón AuðunssonChairmanPersonChairman of Landsbygg, overseeing the development of the acquired buildings.