Brief: Arion Banki Unit And Mosfellsbær Sign Partnership On Land Development

Arion banki hf

05/05/2022 14:38

May 5 (Reuters) - Arion banki hf  ARION.IC :
    * BLIKASTAÐALAND EHF. AND MOSFELLSBÆR SIGN PARTNERSHIP AGREEMENT ON DEVELOPMENT OF LAND AT
BLIKASTAÐIR
    * BOOK VALUE OF LAND AT BLIKASTAÐIR ON BALANCE SHEET OF ARION BANK WAS ISK 5.1 BILLION ON 31
MARCH
2022
    * AGREEMENT INCLUDES TOTAL OF 3,500 TO 3,700 NEW RESIDENTIAL PROPERTIES IN A MIXTURE OF
SINGLE
FAMILY HOUSES AND APARTMENT BUILDINGS, PLUS 150 APARTMENTS FOR RESIDENTS AGED 55 AND OVER
    * IT IS HOPED THAT GENERAL ZONING PLAN WILL BE COMPLETED IN 2022
    * MOSFELLSBÆR WILL ACQUIRE ENTIRE AREA OF LAND FREE OF CHARGE AS DEVELOPMENT OF AREA
PROGRESSES,
INCLUDING BASIC OWNERSHIP RIGHTS OF ALL LOTS.
    * COMPANY WILL ALSO CONTRIBUTE ISK 1 BILLION TO MOSFELLSBÆR FOR DEVELOPMENT OF SPORTS
FACILITIES
IN AREA, A SUM WHICH WILL BE SPREAD OUT OVER CONSTRUCTION PERIOD

Source text for Eikon:  ID:nMFNc3nsBj 
Further company coverage:  ARION.IC 

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