NSI enters into Relationship Agreement with First Sponsor Group Limited and proposes Neo Teck Pheng as member of the Supervisory Board

NSI N.V. (NSI) announces it has entered into a Relationship Agreement with First Sponsor Group Limited (FS), listed on the Mainboard of the Singapore Exchange Securities Trading Limited and an approximately 14% shareholder of NSI. FS is fully supportive of NSI’s leadership, strategy and value creation potential.

The Relationship Agreement provides for the nomination of Mr. Neo Teck Pheng, the Group CEO and Executive Director of FS, to the Supervisory Board of NSI (the “FS SB Member”). The proposed appointment of Mr. Neo Teck Pheng is welcomed by NSI because of his broad experience and track record as CEO of a listed real estate company with a broad sectoral approach and strong credentials in property development, investment, holding and financing, both in the Netherlands and elsewhere.

The Relationship Agreement sets out FS’s commitment to vote in favour of certain proposals submitted to NSI's general meeting by the NSI boards and provides for FS to, at its discretion, increase its shareholding in NSI to a maximum of 25% of NSI’s outstanding ordinary share capital. The consent of NSI is required for increases of FS’ shareholding in NSI beyond 25%, subject to certain exceptions. In addition, the Relationship Agreement includes several other customary arrangements governing the relationship between NSI and FS, as well as the rights and obligations of the FS SB Member. The Relationship Agreement is published on NSI's corporate website.

NSI will convene an EGM to be held on September 30th, 2024 for the appointment of Mr. Neo Teck Pheng as member of the Supervisory Board. For his full Curriculum Vitae please refer to the Explanatory Notes to the EGM agenda which will be published today.

NSI Chairman Jan Willem de Geus:

“Real estate, as a long-term asset class, benefits when supported by long term capital. FS is such a long-term investor and this agreement formalises the relationship between NSI and FS. In addition, Neo Teck Pheng brings a wealth of experience which will be invaluable in further successfully positioning NSI as the leading Amsterdam-focused sustainable real estate investor and operator.”

FS Group CEO & Executive Director Neo Teck Pheng:

“We are grateful for this opportunity to work together with NSI. We look forward to growing NSI and supporting the strategic development of NSI. Having been active in the Dutch real estate market for almost a decade and with an experienced local team, we believe FS can be of added value to NSI and the NSI Boards.”