Smáralind - Shopping center

 Last year, extensive projects connected to restructuring were undertaken in Smáralind. In the west part, the Debenhams anchor store was closed and opened an outstanding H & M flagship store, as well as the whole of the western part of Smáralind was upgraded with an impressive new entrance and an updated pedestrian corridor. In parallel with the opening of H & M, the flow of customers around the shopping center was enhanced by shift of escalators, new bridge and new escalators. Immediately following the opening of H & M, ZARA opened its flagship store on two floors in Smáralind and became the ZARA's only stores in Iceland. In the eastern part at Smáralind, opened the renowned O'Learys restaurant chain its first restaurant in Iceland. During the year, an advertising and direction system was also installed on the corridor of Smáralind.

It has been possible to acquire well-known foreign chains into the country, together with strong domestic parties, and to create a strong overall strucutre in the new Smáralind for the future. One of the most important aspects of Smáralind restructuring was to secure a strong and powerful anchor lessors of in the west part of the Smáralind that would attract customers. It has indeed been successful since the extensive increase in the number of visitors has followed the extensive improvements that have taken place in the Smáralind. By 2018, the third phase of the restructuring of the Smáralind will continue with a number of large projects, such as expansion of the Smárabíó, new parking garage, improved traffic flow and upgrading of the south-east corridor and entrance. The objective of Smáralind is also to increase the proportion of restaurants in Smáralind, in line with what is happening in neighboring countries, as well as to enlarge the selection of international stores.

With the arrival of Íslandsbanki and other lessors in the Smáralind North Tower, the number of visitors has increased significantly in all services and retails in the complex. In the near quarters, the construction of 620 apartments in Smárabyggð and the construction in the Glaðheimar zone will also strengthen the retail and services in Smáralind for the imminent future and strengthen the zone around the Smáralind more thoroughly as the centre of the capital area, in regard to employment, retail, services and transportation.


The construction at Hafnartorg, the new retail and service spaces in the city centre of Reykjavik is progressing well and on track. Reginn has already acquired the first part of the project to start interior finishing work in the rental spaces, but it is expected that operations will commence in the autumn of 2018. Now at the beginning of February 2018, 68% of rental spaces have been leased.

In the year 2017, an agreement was also reached between Reginn and Austurhöfn ehf. for Reginn’s purchase of all retail and service spaces on site 5b at Austurbakki. An area that is on the harbour side adjacent to the Hafnartorg. It is planned that Reginn will receive this space by mid year 2019.


In June 2017, an agreement was signed for the purchase contract between Reginn and GAMMA Capital Management hf., for the purchase of GAMMA of the complete part of Reginn’s sites 03 and 04 south of Smáralind, the site that has been named Smárabyggð. The building volume of the two sites, where off Reginn owns half, is in total of 30,622 "gross" residential square metres. The sale price of Reginn’s part in the company is 1,236 million ISK.

In recent years, Reginn, in collaboration with Kópavogsbær and other owners in the Smárabyggð zone, has been working to re-plan the immediate neighbourhood south of Smáralind. Its purpose has been to strengthen Smáralind and the zone in whole as a retail and service zone as well as to construct elaborate and luxurious residential area. It is the company's opinion that a significant positive effect will be permanent with the new residential area near the retail complex.


In last December, the health-related activities were added to the functions of Egilshöll. Hæfi - rehabilitation centre opened an impressive facility emphasizing interdisciplinary diagnosis and offers treatment by physicians, psychologists and physiotherapists. The bowling hall in Egilshöll has never been more popular than in 2017 when nearly 170 thousand visitors played bowling in the Keiluhöllin or about 460 people each day. In this spring, major changes will be made to the bowling hall itself, which will greatly improve facilities and access to the Keiluhöllin.

During the year construction began of a new comprehensive sports hall, which will accommodate two full-size handball courts and other sports activities. The sports hall will be taken into service in August 2018.

The number of guests in Egilshöll has increased dramatically between years, with a guest number of 1.3 million in 2017, an increase of 11% from 2016 and a 29% increase from 2015. With the introduction of a new sports hall and rehabilitation centres the number of guests will increase further, which will create opportunities for the future.

A review of Egilshöll overall structure will continue with all stakeholders in the area, i.e. Reykjavík City and Fjölnir, as well as Reginn. Considerable unused building rights still exist on the site.