Reykjavík approves sale of Ísaksskóli properties

Reykjavík City Council has approved the sale of Ísaksskóli’s school buildings on Bólstaðarhlíð in Reykjavík to the self-owning foundation that operates the school, mbl.is reports.

The purchase price is 456.8 million Icelandic krónur, according to a statement from the city. The price is based on the original purchase price from 2011, adjusted according to the construction cost index, as well as an valuation of a portable classroom and extensive maintenance work funded by Reykjavík.

The sale follows an agreement reached in 2021, when Reykjavík bought the school premises from the foundation. That purchase agreement included a 15-year provision stating that the school would aim to reacquire the property when its financial position allowed.

The foundation has rented the premises from the city since 2021. Once the new purchase agreement is signed, the existing leases covering the school buildings and the portable classroom will expire.