Reykjavík approves sale of Ísaksskóli properties

Reykjavík City Council has approved the sale of Ísaksskóli’s properties on Bólstaðarhlíð in Reykjavík to the self-owning foundation of Ísak Jónsson’s School, mbl.is reports.

The sale will return ownership of the school buildings to the foundation, which has operated the school there for years.

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

The sale follows an agreement made in 2021, when Reykjavík bought the school buildings 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 leased the buildings from the city since then. Once the new purchase agreement is signed, the current leases for the school buildings and portable classroom will be cancelled.