Statements and Management

Chairman’s of the Board Statement

The year 2017 was eventful for the company, many challenging and large projects were undertaken. Taking into account the extensive activities and restructuring that took place in the company's properties, it delivered a excellent result for the year 2017. Profit after taxes amounted to 3,779 million ISK. Rental revenues for the year 2017 amounted to 6,607 million ISK, an increase of 8% from previous year. Operating profit before assessment changes and depreciation also increased by 4%.
In recent years, Reginn’s portfolio has grown rapidly with profitable investments in portfolios and smaller properties companies. In the year 2017, emphasis to a large extent was on the internal growth and utilization of the value and opportunities in Reginn’s properties. We plan to continue on this path, as projects of this nature are profitable and suitable for the company's management system.

It is necessary for a property company as Reginn to show awareness of all changes in the business and economical environment in the in order to cope with changes in the external environment. At any given time, it is important to participate in the business community and being able to provide Icelandic companies with suitable housing solutions, as to maintain the nature of the property portfolio as needed each time.

Last August, Reginn acquired 55% in FM-hús ehf., a property company that owns and operates primary schools and kindergarten in Hafnarfjördur and Garðabær. With this, Reginn was not only entering a new category of properties, but also a new way of expanding the property portfolio. Reginn’s objective is to buy the remaining 45% share in 2018. By this, it was possible to invest in a profitable project at the right time, to minimize funding and risk, as well as to get join with the seller in restructuring the company's operations and financial structure.

One of the most important project of the year 2017 was to form and negotiate a 70 b.ISK. bond framework for Reginn. Under the issuance framework, Reginn can issue bonds and other financial instruments with different features, depending on the company's needs and market conditions at any given time. Already two auctions under the framework have been successfully completed. The current series are indexed to 30 years, but more series will be issued as market conditions develop.

Finally, I would like to thank Reginn’s staff and management for well accomplished work. With the objectives and values of the company as a guiding principle, Reginn has become one of the largest and most powerful company in the country. I also thank all the customers and suppliers of the company for their cooperation this year.

The CEO’s Statement

The year 2017 was excellent and also one of the most eventful since the company’s founding. The year was characterized by extensive investments and improvements in present properties of the company. The company presented a revised operating forecast for the years 2017 - 2020 in conjunction with the third quarter results. The reason for the revision was the foreseeable income deviation and lower EBITDA that followed. Deviations were caused by lower income from the Smáralind following restructuring.

One of the company's most important projects during the year was the preparation and implementation of the company's refinancing by issuing bonds under a new 70 b.ISK. framework presented last May. Subsequently, the first issue under this arrangement was successful.

Helgi S. Gunnarsson

Leases during the year was successful and 100 new lease contracts were signed, which totalled 38,000 leased square metres. Two thirds of the contracts were new lease contracts, while others were renewal of older contracts. Continuation of negotiations with government parties for leasing commercial properties was successful, it is now about 21% of the company's income is from public parties.

The year 2017 was extensive in investments and constructions for the company

A purchase agreement was signed for the acquisition of a 55% ownership in the properties company FM-hús ehf. at the beginning of the spring. FM-hús is a well established and financially strong properties company that owns and leases four schools at Vesturbrú 7 in Garðabær, Kríuás 1, Kríuás 2 and Tjarnabraut 30 in Hafnarfjörður, as well as a property at Bæjarhraun. FM-hús has been developed further and the company has invested in properties and properties company in Akureyri i.e. Njarðarnesi 3-7 and Reykir fasteignafélag ehf. which owns Glerárgata 26, 30 and 32. It is estimated that in 2018, the company will fully emerge into the Reginn Group by accusation of all of the shares of FM-hús.

Three smaller properties, Vatnagarðar 10, Selhella 13 and a floor at Þverholt 14 were purchased during the year.

Work on restructuring and upgrading at the Smáralind was ongoing, and is currently in the process of completion. The opening of the global retail chains Zara and H & M last autumn were noticeable, and their operations have been better than expected. There has been a significant increase in the number of customers in Smáralind and last three years the number has increased by 24%.

Buildings at Hafnartorg began to take shape during the year, and now all buildings are almost ready for interior work. The company got the first spaces delivered in December. Leasing of Hafnartorg is in good progress. Last autumn, it was decided to buy properties on adjoining site in the Eastern Harbour zone, i.e. site 5b and a purchase agreement was completed in last December. The site includes about 2,700 square metres of commercial properties on the first level, and construction has work started as has planning on which operations will be in individual units on the site. With these investments, the company has an extensive advantage in offering operators high quality retail and catering space in the best location in the centre of Reykjavík.

Number of properties has been sold by the company during the year, the purpose is to develop and shape the property portfolio to make it the very efficient in operation. During the year, an agreement was signed for the sale of a 50% stake in the company 201 Miðbær ehf. but the company owns a building rights on sites 03 and 04 south of Smáralind, in a neighbourhood that has been named Smárabyggð.
At the end of the year, a contract was signed for private negotiations and the main terms of the proposed purchase of all the shares of Fast-1 slhf. subsidiaries, HTO ehf. and Fast-2 ehf. The largest properties of the companies are Katrínartún 2 (Höfðatorg Tower) and Borgartún 8-16. Other properties include Skúlagata 21, Vegmúli 3 and Skútuvogur 1. Overall, the property portfolio is 44 thousand square metres as well as a car parking cellar with over 600 parking spaces. If the transaction will be completed, thit will be the largest transaction that the company has undertaken.

Internal activities

At the years end, Reginn and its subsidiaries have staff of 27, where 6 employees work directly at Smáralind and Egilshöll.

Continuous efforts are being made to strengthen the risk awareness of the board and management, the development and structure of work processes, the strengthening of the information system and improve the organizational structure. The work is under preparation for equal payment certification.

Last year, working sessions were held twice for various professional issues relating to the company and future projects. National and foreign expert consultants discussed, among other things, the Financial Market, the Retail Market, the Hotel Market and the Residential Market - Property Companies. These working sessions have been well received and inspired to us in various ways.

Reginn's Board of Directors

Chairman of the Board

Tómas Kristjánsson

Director from April 2014

Year of birth: 1965

Education: MBA from Edinburg University 1997, Cand. Oecon. in Business Administration from the University of Iceland 1989, Certified securities broker 2001.

Employment: Owner of Sigla ehf. (one of two owners)


 Experience: Owner of Sigla ehf and Klasi ehf. from the year 2007. Director of risk management, financial management and accounting at Fjárfestingarbanki atvinnulífsins, later Íslandsbanki/Glitnir bank, 1998-2007. In1990-1998 Head of loan supervision at Iðnlánasjóður.

Other employment and positions: Sigla ehf. (Director), Klasi ehf. (Chairman of the Board), Klasi Investment ehf. (Chairman of the Board), Gani ehf. (Chairman of the Board), Elliðaárvogur ehf. (Chairman of the Board), Heljarkambur ehf. (Chairman of the Board), Nesvellir ehf. (Director), NV lóðir ehf. (Director), NVL ehf. (Director), Sjóvá Almennar tryggingar hf. (Director), Grunnur I hf. (Director), Smárabyggð ehf. (Chairman of the Board), Traðarhyrna ehf. (Chairman of the Board) and Húsafell Resort ehf. (Director).

Shares in Reginn hf.: Through Sigla ehf., where Tómas holds half of the shares, owns 100,000,000 shares in the company or 6.43%.

Interests: There are no interests with the largest customers of the company, its competitors or shareholders holding more than 10% of shares in the company.

Tómas is Chairman of the Board of Smárabyggð ehf. but the company is developing a residential zone south of the Smáralind. Smárabyggð ehf. owns 50% in the company 201 Miðbær ehf. against 50% of Reginn hf. but 201 Miðbær ehf. owns the building rights on the sites no. 03 and 04 in the aforementioned zone. Shares of Reginn in 201 Miðbær ehf. are now in the process of being sold. Also Klasi ehf. leases office space owned by Reginn hf. at Suðurlandsbraut 4, while Tómas is Chairman of the Board of Klasi.

Vice Chairman of the Board

Benedikt K. Kristjánsson

Director from 2012

Year of birth: 1952

Education:  Master in meat processing and courses in project and operational management at University of Iceland - Reeducation.  Completed the course at the Icelandic University Center of Corporate Governance; Good management - Certified Managers in March 2017 

Employment: Sales and service representative at Innnes ferskvöra ehf.

Experience: Head of quality and development section at Samkaup hf. and before as purchasing and operations manager. In the years 1987 - 1999 Benedikt was an independent merchant.

Other employment and positions: At the central management of Lífeyrissjóður verzlunarmanna (a pension fund), Endurvinnslan hf. (Alternate Director). Chaiman of the Merchant Association of Iceland.

Shares in Reginn hf.: None

Interests: Is a member of the board of Lífeyrissjóður Verslunarmanna that holding 12.88% shares in Reginn hf.



Albert Þór Jónsson

Director from 2015

Year of birth: 1962.

 Education: Business Administration, Cand. Oecon from the University of Iceland 1986 and MCF - master degree in business financing from the Reykjavík University 2014. Exam in stock brokerage and a certified property broker.

Employment: Independent consultant.

 Experience: Is an independent consultant. Former Directing Manager at FL Group from 2005-2007, Director of assets management at Lífeyrissjóður starfsmanna ríkisins (pension fund) 2001-2005, Head of Securities Brokerage of Fjárvangur hf. 1998-2001, Head of Corporate Banking and Securities Brokerage at Landsbréf in 1990-1998 and Financial Advisor at Glitnir - Lease Rental 1986-1990.

Other employment and positions: Gneis ehf. (Director).

Shares in Reginn hf.: Albert owns 10.000 shares in the company or 0,0006429%.

Interests: There are no interests with the largest customers of the company, its competitors or shareholders holding more than 10% of shares in the company.

Albert leases office space at Hlíðasmári 6 from Reginn’s hf. subsidiary.


Bryndís Hrafnkelsdóttir

Director from 2014

Year of birth: 1964

Education: Business Administration Cand. Oecon 1989 and M.S. degree in Business Administration 2015 from the University of Iceland.

Employment: Director of the University of Iceland Lottery from 2010.

Experience: Landfestar Financial Manager from 2008-2010, Kaupþing bank hf. analyst for the financial sector for the group from 2007-2008, Debenhams in Iceland, Directing Manager 2000-2006, Hagkaup Financial Manager from 1996-2000, Hof Assets Management, Chief Accountant from 1994-1996 and KPMG Audit and Accounting from 1990-1993.

Other employment and positions: Chairman of the School Committee of the Icelandic Commercial School since 2006, Ofanleiti 1 ehf. (Chairman of the Board) from 2011, TM from 2011 (Alternate Director), Pfaff hf. 2007-2012 (Director).

Shares in Reginn hf.: None

Interests: There are no interests with the largest customers of the company, its competitors or shareholders holding more than 10% of shares in the company.


Sigríður Hrefna Hrafnkelsdóttir

Director from 2014

Year of birth: 1977

Education: MBA from Copenhagen Business School, District Court Attorney and Cand. Jur from the University of Iceland.

Employment: Managing Director at Íslandsbanki, Personal Finance.

Experience: Directing Manager at Olíuverzlun Íslands hf., retail section, Director of Corporate Banking at Arion Bank, Managing Director of Resolution Committee and Winding-up Board of IceBank, Senior Vice President at Straumur Investment Bank. Managing Director, Atlas Ejendommea / s in Copenhagen.

Other employment and positions: None

Shares in Reginn hf.: None

Interests: There are no interests with the largest customers of the company, its competitors or shareholders holding more than 10% of shares in the company.

Alternate Director

Finnur Reyr Stefánsson

Director from April 2014

Education: BS in Economics 1992 from the University of Iceland and MBA in Financing from Virginia Tech 1994. Certified securities broker 2001.

Employment: Owner of Sigla ehf. from spring 2007 (one of two owners).

Experience: Managing Director of Glitnir's Operational Section 2006-2007. Director of Marketing Investments at Íslandsbanki - FBA (Glitnir Bank) 2000-2006. Specialist in Risk Management of the Fjárfestingarbanki atvinnulífsins 1998-1999. Fund Manager of Equity and Stock Funds at Landsbréf 1994-1997. Alternate Director of Reginn hf. from 2014.

Other employment and positions: Klasi ehf. and subsidiaries.

Shares in Reginn hf.: Through Sigla ehf., where Finnur holds half of the shares, owns 100,000,000 shares in the company or 6.43%.

Interests: There are no interests with the largest customers of the company, its competitors or shareholders holding more than 10% of shares in the company.

Alternate Director

Hjördís Dröfn Vilhjálmsdóttir

Í stjórn Regins frá apríl 2013 og formaður endurskoðunarnefndar frá desember 2013.

Menntun: M.Sc. í stjórnun og stefnumótun frá Háskóla Íslands og B.Sc. í hagfræði frá sama skóla.

Aðalstarf: Sjálfstætt starfandi

Starfsreynsla: Framkvæmdastjóri endurskipulagningar eigna hjá Landsbankanum 2010-2012 og framkvæmdastjóri Bíla- og tækjafjármögnunar hjá Landsbankanum 2011-2012. Ráðgjafi fjármálaráðherra frá 2009-2010. Hagfræðingur hjá Íslandsbanka og Seðlabankanum frá 1999.

Önnur trúnaðarstörf og stjórnarseta: Fjármálaráð.

Hlutafjáreign í Reginn hf.: Engin,

Director from April 2013 and Chairman of the Audit Committee from December 2013.

Education: M.Sc. in Management and Strategy Planning from the University of Iceland and B.Sc. in Economics from the same university.

Employment: Independent consultant.

Experience: Managing Director of Landsbanki Reorganization of Assets 2010-2012 and Managing Director of Automotive and Equipment Financing at Landsbankinn 2011-2012. Advisor to the Minister of Finance from 2009-2010. Economist at Íslandsbanki and the Central Bank since 1999.
Other employment and positions: Financial Council.

Shares in Reginn hf.: None


Helgi S. Gunnarsson

Helgi has been the CEO of the company from the beginning in the spring of 2009.

Year of birth: 1960

Education: M.Sc. in Engineering from the Denmark Technical University in1993. Construction Engineer from the Reykjavík University in1986. Has completed education as carpenter and master carpenter.

Experience: CEO of the property company Portus ehf. and subsidiaries from 2006-2009. CEO of Nýsir Properties ehf. and subsidiaries in the years 2005-2006. Head of the construction section at VSÓ Consulting ehf. and one of the owners in 1989-2004.

Other employment and positions: Helgi is Director of the Boards of all subsidiaries owned by Reginn hf. as the following companies; 220 Miðbær ehf., Reykir Properties ehf., FM-hús ehf., Hafnarslóð ehf. og Hörðuvellir ehf., as a Director of the Board of B38 ehf.

Shares in Reginn hf.: Helgi has 1.521.952 shares in the company through the company B38 ehf.


Company management

Björn Eyþór Benediktsson

Eyþór directs the unit Information and Analysis. He has been employed by the company from 2014, in analysis, processing information and participating in business planning.

Eyþór is a Director of Egilshöll Management company ehf.. As is Eyþór a Alternate Director of FM-Hús ehf., Hafnarslóð ehf., Hörðuvöllir ehf. and Reykir Properties ehf.
Before Eyþór was employed by the Icelandic Road and Coastal Administration (IRCA), as an engineer B.Sc.

Eyþór is a Financial Economist M.Sc. from the University of Iceland 2012 and holds B.Sc. in environmental and construction engineering 2011. Eyþór completed also journeyman’s examinations in carpentry 2006.

Dagbjört Erla Einarsdóttir

Dagbjört is the legal adviser of the company and commenced work in April 2016.

Dagbjört is a Director of Reykir Properties ehf., FM-hús ehf., Hafnarslóð ehf. og Hörðuvöllir ehf. Dagbjört is also a Alternate Director of 220 Miðbær ehf. and 201 Miðbær ehf. where Reginn hf. is co-owner.
Before, Dagbjört was employed for 6 years at Juris slf, law firm. and 3 years in the private banking and law section of Landsbankinn hf.

Dagbjört completed a Master's degree (mag.jur) from the Faculty of Law of the University of Iceland in 2007 and studies for the acquisition of rights to the District Court Attorney in the same year.

Guðlaug Hauksdóttir

 Guðlaug is the head of Accounting and has worked in the financial sector of the company since 2010.

Previously, Guðlaug worked for 9 years at the Business Magazine, most recently as CFO.

Guðlaug holds a Business Administration degree from the University of Iceland, 2002.

Jóhann Sigurjónsson

Jóhann has been the Financial Director of the company since 2012 and is also the deputy CEO.

Previously, Jóhann has served as CFO of Eignarhaldsfélag Smáralindar ehf., HB Granda hf. and Pharmaco hf. Jóhann was also the mayor of Mosfellsbær for 8 years.

Jóhann holds a Business Administration Cand.oecon degree from the University of Iceland in 1984. 

Páll V. Bjarnason

Páll has worked as Managing Director of the Reginn Atvinnuhúsnæði from 2016.

Páll is Chairman of the Board at 201 Miðbær ehf. in addition to being a Alternate Director of Reginn’s hf. subsidiaries: Reginn Atvinnuhúsnæði ehf., Kvikmyndahöllin ehf., Knatthöllin ehf., RA 5 ehf., RA 10 ehf. and RA 15 ehf.

Páll is a Construction Engineer M.Sc. from the University of Reykjavik 2011 and a Building Engineer from the same university in 2009. Páll is also a carpenter and has completed both a Journeyman’s and a Master's Carpenters degree.

Sturla Gunnar Eðvarðsson


Sturla has been Managing Director of the Property Holding and Management Company of Smáralind since 2010.

Sturla was previously Managing Director of Samkaup, Head of the retail section at Leifur Eiríksson Air Terminal and Managing Director of the Duty Free at Keflavik Airport.

Sturla is holds a degree on Operations from the Bifröst University College in 1992.

Sunna Hrönn Sigmarsdóttir

Sunna is employed as Managing Director of Knatthöllin ehf. and Kvikmyndahöllin ehf. who run Egilshöll in Grafarvogur. Sunna joined the company in 2017.

Sunna is the Chairman of the Board of Directors of Egilshöll Management Company.

Sunna previously worked as Managing Director of the property operations section at Harpa Music and Conference Centre from 2011. As of this, Sunna was a member of the Harpa's Executive Council and on the board of the Management Company Stæði slhf.

Sunna has completed B.Sc. in Industrial Engineering from the University of Reykjavík in 2005.

Tinna Jóhannsdóttir

 Tinna is a director of marketing and manages the marketing functions of Smáralind and Reginn. Tinna joined the company in 2017.

Previously, Tinna worked as Marketing Manager at Brimborg, Marketing Manager at the Innovation Center of Iceland, Managing Director of Fífa Children's Store, in addition to managing other retail stores for many years.

Tinna holds an MBA degree from the University of Iceland, Business Administration with a focus on marketing communications from the University of Bifröst and a diploma in Human Resource Management from EHÍ.