Reitir Fasteignafelag

What Reitir Fasteignafelag does

Reitir (legal name Reitir hf., formerly Reitir fasteignafélag hf.) is Iceland's largest commercial real estate company, founded in 1987 and listed on Nasdaq Iceland since April 2015. The company owns and operates a portfolio of approximately 150 properties totaling around 490,000 square meters, with roughly 90% concentrated in the greater Reykjavík metropolitan area. The portfolio is organized into four property categories: VerslunarReitir (retail, anchored by the Kringlan shopping center), SkrifstofuReitir (office), HótelReitir (hotel, including Hotel Borg, Hotel Reykjavík Natura/Berjaya, Hilton Reykjavík Nordica, Alda Hotel, and Hotel Ísland), and SögufrægirReitir (historic properties in central Reykjavík maintained in partnership with Minjavernd). Rental income is split approximately retail 35%, office 34%, hotels 14%, and industrial/other 17%, generated from around 500 tenants across roughly 750 leasing units averaging 650 sqm each.

The company's revenue model is predominantly subscription-style recurring rental income from long-term commercial leases (multi-year contracts, individually negotiated). It also generates one-time revenue from development-right sales (e.g., Orkureitur building permits sold in 2021) and bond-issuance activity as a listed debt issuer. Customers include large retail groups (Hagar), international hotel operators (Hilton, Berjaya), IT enterprises (Origo, Advania), healthcare providers (Landspítali, Klíníkin), and government/municipal entities. Distribution is direct via the company website (reitir.is) and in-house leasing agents, with public-sector demand accessed through competitive tenders via Framkvæmdasýslan/Ríkiseignir.

Reitir is executing a multi-year development pipeline worth over 1,000 apartments and 130,000 sqm of commercial space. Notable projects include Korputún (~90,000 sqm BREEAM Communities-certified commercial center at Reykjavík/Mosfellsbær), Kringlureitur Phase 1 (up to 450 apartments), Nauthólsvegur (mixed-use including nursing home, medical center, and senior housing), Hyatt Centric Reykjavík (170-room hotel), Metróreitur, Múlareitur, and Verslunarkjarni í Vogabyggð. Recent strategic moves have expanded into healthcare and education infrastructure through long-term indexed government leases and partnerships with Hjallastefnan (Lífsgæðakjarni school) and Hýsi-Verkheimar (modular schools). The company is led by CEO Guðni Aðalsteinsson and is owned primarily by Icelandic pension funds.

Name

Reitir Fasteignafelag

Legal name

Reitir fasteignafélag hf.

Website

https://reitir.is

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Reitir is Iceland's largest commercial real estate company, owning approximately 150 properties totaling ~490,000 sqm in the greater Reykjavík area. It generates rental income from ~500 tenants across retail, office, hotel, and industrial segments.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Real Estate (5311), Real Estate Property Managers (53131)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Investment Trusts (6798)

akta.pro primary industry

Healthcare & Medical Office Property Management (BPAJAGAF)

akta.pro secondary industries

Senior & Assisted Living Residential Property Management (BPAJAFAE), Healthcare & Medical Office Brokerage (BPAJABAF)

Keywords

• Commercial real estate leasing
• Retail property management
• Office space rental
• Hotel property leasing
• Property development services

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Commercial property leasing: Reitir owns and leases commercial real estate including retail space (~35% of rental income), office space (~34% of rental income), hotels (~14% of rental income), and industrial/other properties (~17%). Properties are primarily located in the greater Reykjavik area. The company has approximately 750 leasing units averaging 650 square meters each, serving around 500 tenants.
2. Healthcare facility development and leasing: Reitir develops healthcare facilities (nursing homes, medical centers) under long-term indexed leases (20-25 years) with government entities (Ríkiseignir). The NIB financing (4.4 billion ISK) supports projects at Nauthólsveg 50 (87-bed nursing home, opening early 2027) and Ármúli 7-9 (new medical center).
3. Development project sales: Reitir develops mixed-use properties and sells development rights or completed properties. For example, building permits for Orkureitur were sold in 2021 following new zoning approval for approximately 440 apartments.
4. Bond issuance: Reitir is a bond issuer under an issuance framework. Multiple bond series have been issued under the company's base prospectus.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Reitir owns and leases approximately 150 commercial properties totaling around 490,000 square meters, primarily in the greater Reykjavik area of Iceland. The portfolio spans four main categories: VerslunarReitir (retail, anchored by Kringlan shopping center), SkrifstofuReitir (office), HótelReitir (hotel), and SögufrægirReitir (historic properties), serving around 500 tenants. The company also develops mixed-use, healthcare, and education projects through long-term indexed leases with government and municipal partners.

Product overview

Reitir (formerly Reitir fasteignafélag hf.) is a commercial real estate company that owns and leases approximately 150 properties totaling around 490,000 square meters, primarily in the greater Reykjavik area. The company operates through four main property categories: VerslunarReitir (retail properties anchored by Kringlan shopping center), SkrifstofuReitir (office properties), HótelReitir (hotel properties including Hotel Borg, Hilton Nordica, and others), and SögufrægirReitir (historic properties). Reitir also offers property management services including operating companies (Rekstrarfélög), property oversight (Fasteignaumsjón), and EV charging infrastructure (Rafhleðsluinnviðir). The company has an active development pipeline including Korputún (commercial center), Kringlureitur (residential/retail), Nauthólsvegur (healthcare/lifestyle), Metróreitur, Múlareitur, and the Hyatt Centric hotel project. Recent partnerships include modular school buildings with Hýsi-Verkheimar and nursing home development in Akureyri with Art-Verk. The portfolio generates rental income from approximately 500 tenants including public institutions, retail companies, and hotels.

Differentiator

Problem solved

Functional benefit

Brands

• VerslunarReitir: Retail properties portfolio with Kringlan as the flagship property
• HótelReitir
• SögufrægirReitir
• SkrifstofuReitir

Products and services

• VerslunarReitir (Retail Properties) Commercial retail space for lease with Kringlan shopping center as the anchor property, representing approximately 35% of rental income. The retail portfolio includes Kringlan and Spöngin shopping centers serving Icelandic retail tenants including Hagar.
• SkrifstofuReitir (Office Properties) Office space leasing portfolio including properties at Vínlandsleið, Höfðabakki 9 (25,000 sqm), Borgartún 37 (6,500 sqm, Origo headquarters), and Guðrúnartún 10 (7,000 sqm, Advania headquarters). Primarily occupied by public institutions and corporate tenants.
• HótelReitir (Hotel Properties) Hotel properties leased to international and domestic hotel chains including Hotel Borg, Hotel Reykjavik Natura (Berjaya), Hilton Reykjavik Nordica (284 rooms), Alda Hotel, and Hotel Ísland at Ármúla 9. Properties include the Hyatt Centric Reykjavik under development at Laugaveg 176 (170 rooms).
• SögufrægirReitir (Historic Properties) Historic buildings in central Reykjavik including Aðalstræti, Austurstræti properties, and heritage structures maintained in partnership with Minjavernd for cultural heritage purposes.
• Property Management Services Extended property management services where Reitir manages operations of properties with multiple tenants through operating companies (Rekstrarfélög), handles maintenance and repairs (Fasteignaumsjón), and provides EV charging infrastructure (Rafhleðsluinnviðir).
• Korputún Development New commercial center planned on approximately 15 hectares of land at Blikastaðir in Mosfellsbær, with approximately 90,000 square meters of commercial space planned across about 30 buildings, developed according to BREEAM Communities sustainability standards.
• Kringlureitur Development Urban development project at Kringlan area planned for up to 450 apartments in first phase of three, in 3-6 story buildings designed according to BREEAM Communities sustainability standards with focus on pedestrian-friendly environment, fully built out by end of 2030.
• Akureyri Nursing Home Development Nursing home project at Þursaholt 6 in Akureyri, approximately 9,100 square meters with capacity for 140 residents, built using prefabricated and precast units in partnership with Art-Verk ehf. Won competitive tender from Framkvæmdasýslan/Ríkiseignir.
• Nauthólsvegur Healthcare Development Mixed-use development including conversion of office space into 87-bed nursing home at Nauthólsveg 50 (opening early 2027) and construction of new medical center at Ármúli 7-9. Both developed under 20-year indexed leases with Ríkiseignir with NIB financing of 4.4 billion ISK.
• Modular School Buildings (Hýsi Partnership) Portable school buildings designed with standardized house units for kindergarten and primary school use, developed in partnership with Hýsi-Verkheimar. Five-department kindergarten for 90 children deliverable in 6 months, expandable to 7 departments for 120 children, and relocatable between sites.

Quantifiable outcome

• ~35% of rental income from retail, ~34% from office, ~14% from hotels, ~17% from industrial and other
• +3 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, major and core.

• Art-Verk ehf.minorStrategic or Co-development Partner · 15 June 2026Art-Verk ehf. was selected as the construction partner for the nursing home development in Akureyri (Þursaholt 6), bringing experience in prefabricated and modular construction methods for healthcare facilities.
• HjallastefnanmajorStrategic or Co-development Partner · 3 June 2026Reitir and Hjallastefnan signed a letter of intent for developing a new preschool and primary school (~400 children) in the Lífsgæðakjarni (quality of life center) at Nauthólsveg. Hjallastefnan is an educational operator with contracts with 10 municipalities for 12 preschools and 3 primary schools (~1,650 children, ~550 staff). The school will be built with prefabricated units following environmental design principles.
• Ríkiseignir (Government Properties / Framkvæmdasýslan)coreStrategic or Co-development PartnerRíkiseignir is the government entity responsible for public property management. Reitir develops healthcare facilities under competitive tender with long-term indexed leases (20-25 years) with Ríkiseignir. Reitir won the tender for a nursing home in Akureyri (9,100 sqm, 140 residents) through Framkvæmdasýslan.
• Hýsi-VerkheimarmajorStrategic or Co-development PartnerReitir and Hýsi-Verkheimar entered a partnership for producing and building school facilities for municipalities and other parties. The solution uses prefabricated standardized housing units that can be delivered in 6 months (5-department preschool for 90 children), expanded to 7-department for 120 children, and relocated between sites. Hýsi has built 3 primary schools and 3 preschools (~4,500 sqm) over 15 years in Iceland.
• Eikar fasteignafélagminorStrategic or Co-development PartnerReitir and Eikar fasteignafélag co-own the Múlareitur development area behind Hilton Reykjavik Nordica. Reitir owns the hotel property while Eikar owns Hallarmúla 2. Both companies are working jointly on rezoning the area for mixed-use development.
• Reykjavikurborg (City of Reykjavik)coreStrategic or Co-development PartnerReykjavikurborg partnered with Reitir on multiple development projects: Kringlureitur (up to 450 apartments Phase 1), Nauthólsveg Lífsgæðakjarni (quality of life center with housing, school, nursing home, retail), Spöngin, and Metróreit development agreements. The city provides planning support and regulatory approvals in exchange for development benefits.
• Henning Larsen (Denmark) + THG architectsminorStrategic or Co-development PartnerDanish architecture firm Henning Larsen and Icelandic firm THG were commissioned as architects for the Kringlureitur development, which is planned according to BREEAM Communities sustainability standards.

Scale indicators9 records

Recent moves11 records

Expansion highlights7 records

Broad incumbents

• Citycon Oyj: Nordic retail-led REIT with shopping centers across the Nordics and Baltics. Comparable retail asset orientation and shopping-center scale relative to Kringlan, with similar tenant-relationship dynamics.
• Entra ASA: Norwegian commercial real estate company focused on office space, with material public-sector tenant exposure. Comparable long-lease, government-tenant profile to Reitir's healthcare and public-sector segments.
• Fabege AB: Swedish office-focused REIT concentrated in Stockholm. Comparable to Reitir's office segment (~34% of income) and Nordic urban property focus, though broader geographic scale.
• Kungsleden AB: Swedish diversified commercial property company with office, retail, and industrial assets across Sweden. Comparable mix of property types and long-term lease approach, but at much larger geographic scale.
• Atrium Ljungberg AB: Swedish urban property developer focused on office and retail in major Swedish cities. Comparable urban-development approach and sustainability positioning (certified properties, mixed-use redevelopments).
• Catena AB: Swedish logistics and industrial property company. Comparable to Reitir's industrial/other segment (~17% of income) and to development-driven Nordic expansion strategy.
• Castellum AB: Sweden's largest listed commercial property company with a diversified office, retail, logistics, and public-sector-tenant portfolio. Comparable in scale, asset diversification, and public-sector lease exposure across the Nordics.

Emerging players

• Pandox AB: Swedish hotel property specialist owning and leasing hotels across Europe. Most directly comparable to Reitir's ~14% hotel segment and to operator-lease structures with Berjaya and Hilton.

Direct peers

• Eik fasteignafélag: Icelandic commercial real estate company co-developing Múlareitur with Reitir behind Hilton Reykjavik Nordica. Competes in similar downtown Reykjavik retail and office segments with a comparable long-term municipal-lease profile.
• Reginn hf. Icelandic publicly listed real estate company focused on commercial properties, including office, retail, and hotel assets in Reykjavik. Closest direct comparable in terms of geography, asset class mix, and tenant base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/reitir

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reitir Fasteignafelag