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Landsbankinn finances development of new student housing at Reykjavik University

Landsbankinn and Reykjavik University (RU) have signed an agreement for a loan to finance the development of new student housing at Öskjuhlíð. The housing block will consist of 125 apartments, available to students for rent.

The agreement was signed yesterday, 19 September, shortly after ground was first broken for the building. This is the first stage in UR’s student housing project and the building will be just under 5,900 square metres on 4-5 floors. Each apartment will include a bathroom and kitchen with shared laundry facilities and other amenities. The apartments are scheduled to be completed in fall of 2020 and the total cost of the project is estimated at ISK 2.6 billion.

Lilja B. Einarsdóttir, CEO of Landsbankinn, Ari Kristinn Jónsson, President of RU and Árni Þór Þorbjörnsson, Managing Director of Corporate Banking at Landsbankinn, signed the agreement.

390 apartments planned

The approved detail plan for RU’s building lot at Öskjuhlíð allows for the construction of 390 apartments. These are small studio apartments, of around 25 m2, up to three-bedroom flats of around 80 m2. Several of the apartments will also be rented out as temporary residences to RU staff and the employees of companies working out of RU, as well as of knowledge-based enterprises with ties to the University. A service area incorporating diverse services is planned at the south end of the plot, closest to RU. Development is organised into four stages. Kanon Architects designs the building and Jáverk handles construction.

In total, the new student housing block will contain 390 apartments.