Ivar Tollefsen, the Norwegian billionaire with controlling stakes across much of the Nordic real estate industry, has bought back a portfolio of Icelandic properties to improve the leverage optics in one of his key holdings.
Holding company Fredensborg AS, which is owned by Tollefsen, announced Friday that it was buying the largest residential real estate company in Iceland with a book value of about 6 billion Swedish kronor ($546 million), according to a statement.
The seller of the portfolio of 1,625 homes is Heimstaden AB, a property investment firm in which Tollefsen has 96% of the votes and 70% of the share capital. Heimstaden acquired the portfolio from Fredensborg in 2021.
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