What Íþaka does

Íþaka fasteignafélag ehf. is a privately held Icelandic commercial real estate company headquartered at Lyngháls 4, 110 Reykjavík, wholly owned by parent holding company Íþaka ehf. (kt. 600318-2410). The company owns, manages, and leases a portfolio of more than 20 commercial properties totaling approximately 100,000+ m² across the Greater Reykjavík capital region, with reported real estate, building permits, and land value of 46.4 billion ISK. Asset classes span office (Katrínartún 4, Dalvegur 30A, Geirsgata 9), retail, industrial, and hospitality — including the 16-story Fosshótel Reykjavík tower at Þórunnartún 1 (17,068 m²), the 9-story government building at Katrínartún 6 (10,140 m², occupied by Skattsinn and Fjársýsla ríkisins), the Center Hotels property at Laugarvegur 95-99, and a 304-room Marriott Moxy hotel under development at Borgartún 1 (10.5 billion ISK investment, opening spring 2028).

The business model is straightforward: Íþaka generates recurring rental income from long-term leases with a diversified tenant base spanning technology (Skyggnir/Origo group), medical devices (Össur), engineering (Efl), government, banking (Íslandsbanki), professional services (Deloitte, Pálsson), and retail. Anchor tenant agreements are typically multi-year with VAT (VSK) added on top of base rents. Pricing is quote-based and not publicly disclosed. Go-to-market is direct-to-consumer through the ithaka.is website, supplemented by phone/email inquiries and a 'Vöktun' monitoring service that proactively contacts prospective tenants when suitable spaces become available. The company also operates Íþaka Go, a flexible co-working and small-business workspace offering at Katrínartún 4 targeting freelancers and small businesses. A 7-person team led by CEO Pétur Freyr Pétursson (effective January 1, 2026) manages the portfolio, with debt financed through multiple bond series (ITHAKA 070627, ITHAKA 300834, ITHAKA 291128, ITHAKA 051233) listed on Nasdaq. 2025 financial highlights include 2.591 billion ISK in EBITDA and 1.457 billion ISK in operating cash flow, with a 46% equity ratio and 60.9% net debt ratio.

Name

Íþaka

Legal name

Fasteignafélag ÍÞAKA ehf.

Website

https://ithaka.is

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Íþaka is a privately held Icelandic commercial real estate company that owns, manages, and leases a 100,000+ m² portfolio of office, retail, industrial, and hotel properties across the Greater Reykjavík capital region, serving corporate, government, and hospitality tenants.

Ownership category

akta.pro rank

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Commercial Real Estate Leasing: Íþaka operates as a commercial real estate company that owns, manages, and leases commercial properties including office spaces, retail spaces, hotels, and industrial facilities. Revenue is generated through rental income from tenants across various property types in the Greater Reykjavík area.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Íþaka is a private Icelandic commercial real estate company that owns, develops, and leases office, retail, hotel, and industrial properties in the Greater Reykjavík area. The company offers whole-building or partial-floor leases to corporate, governmental, retail, and hospitality tenants, plus the "Íþaka Go" flexible coworking solution and a property-monitoring ("Vöktun") service that proactively matches prospective tenants with upcoming vacancies. It is currently developing a 304-room Marriott Moxy hotel at Borgartún 1.

Product overview

Íþaka is a commercial real estate company operating as a single integrated platform with multiple property offerings. The core platform manages a portfolio of commercial properties across Iceland, including office spaces, retail/commercial units, hotels, and industrial facilities. The subsidiary offering, Íþaka Go, provides flexible co-working and small-office solutions for freelancers and small businesses, complementing the core property rental and management services. Together, the platform offers full-service commercial real estate solutions for businesses of all sizes.

Differentiator

Problem solved

Functional benefit

Brands

• íþaka go: Coworking space solution for small businesses and freelancers offering flexible workspace at Katrínartún 4 in Reykjavík.

Products and services

• Commercial Property Leasing (Office, Retail, Industrial) Whole-building or partial-floor leasing of office, retail/commercial, and industrial properties owned by Íþaka across the Greater Reykjavík area (Reykjavík, Kópavogur, Hafnarfjörður). Targets corporate, governmental, retail, and industrial tenants such as Íslandsbanki, Deloitte, Össur, Efl, Skyggnir group, and the Icelandic Tax Authority. Properties are listed on ithaka.is with photos, floor plans, and contact forms; pricing is quote-based with VAT added.
• Marriott Moxy Hotel at Borgartún 1 (Development) A 304-room Marriott Moxy hotel under development by Íþaka at Borgartún 1 in Reykjavík, opening spring 2028. The hotel will be operated by Jóhann Sigurðsson / Cabin ehf. under a special Marriott license; total investment of 10.5 billion ISK (excluding VAT). Targets hospitality operators and guests in the Reykjavík market.
• Íþaka Go (Coworking and Flexible Workspace) Flexible coworking and small-office solution at Katrínartún 4 in Reykjavík, offering everything from individual desks to larger office spaces for smaller companies and freelancers seeking a comfortable working environment without long-term lease commitments. Targets entrepreneurs, freelancers, and small businesses.
• Vöktun (Property Monitoring Service) Prospective tenants can register their space requirements (type, location, and size) with Íþaka; the company proactively contacts them when a matching commercial property becomes available in its portfolio. Targets businesses and individuals searching for office, retail, or industrial space in the Reykjavík area.

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor and core.

• LÍA (Listasjóðurinn)minorGTM or Marketing Partner · 30 June 2026LÍA Art Fund is opening a 230 m² studio for artists at Borgartún (in Íþaka property) in September 2026. The space will be free for up to 4 artists at a time for up to two years. Íþaka is providing the space, likely at favorable terms, as part of community engagement.
• FRAM (Íþróttafélag)minorGTM or Marketing Partner · 22 May 2025Íþaka signed a 3-year sponsorship agreement with sports club FRAM. Íþaka's logo will appear on jerseys of men's and women's teams in both football and handball in the elite divisions. The partnership is based on shared values of ambition, positive community, and building work.
• Marriott International / Cabin ehf. (Jóhann Sigurðsson)coreStrategic or Co-development Partner · 4 April 2025Íþaka is developing a 304-room Moxy Hotel (Marriott brand) at Borgartún 1 in Reykjavík. Total investment is 10.5 billion ISK. Jóhann Sigurðsson (owner of Hotel Cabin, Hotel Örk, Hotel Klett) will operate the hotel scheduled to open in spring 2028. Marriott has granted a special license for this development.
• Center HotelscoreOthersCenter Hotels operates a hotel property at Laugarvegur 95-99 (4,264 m²), owned by Íþaka. This is a long-term lease relationship.
• Iceland Hotels (Íslandshótel / Fosshótel)coreOthersFosshótel Reykjavík operates from the 16-story building at Þórunnartún 1 (17,068 m²), owned by Íþaka. Also, Iceland Hotels operates the hotel tower at Höfðatorg (Katrínartún area).
• Athletes (Thelma Aðalsteinsdóttir, Ragnhildur Kristinsdóttir, Gauti Guðmundsson, Sara Mjöll Jóhannsdóttir)minorOthersÍþaka's sponsorship fund (Styrktarsjóður Íþöku) supports promising young Icelandic athletes including gymnast Thelma Aðalsteinsdóttir, golfer Ragnhildur Kristinsdóttir, skier Gauti Guðmundsson, and skier Sara Mjöll Jóhannsdóttir.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Kungsleden: Swedish listed commercial real estate company focused on office, retail, and industrial properties in Nordic growth regions. Comparable as a Nordic incumbent CRE owner-operator with similar asset class mix and recurring rental revenue model.
• Wihlborgs: Swedish listed commercial real estate company owning and developing office and logistics properties in the Öresund region. Comparable as a Nordic CRE operator with similar asset types (office-led) and tenant-driven recurring income model.
• Sveafastigheter: Swedish commercial real estate company focused on office, retail, and mixed-use properties in Nordic growth markets. Comparable as a Nordic incumbent CRE operator with a similar lease-based recurring revenue model.
• Heimstaden: Major Nordic residential and commercial real estate owner-operator with pan-Nordic exposure. Comparable as a broader incumbent CRE owner with similar asset-based, rental-income business model across multiple property types.
• Castellum: Sweden's largest listed commercial real estate company, owning office, retail, logistics, and mixed-use properties across Sweden and Denmark. Comparable as a broad incumbent CRE operator with diversified commercial property types and a recurring rental income model.

Direct peers

• Reginn hf. Icelandic listed real estate company owning and operating commercial properties in the Reykjavík area, making it the closest direct peer to Íþaka in terms of geography, asset class mix, and business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/%C3%AD%C3%BEaka

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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 Íþaka