The proceeds will be used to refinance the existing €40 million unsecured notes maturing in January 2026, with the remaining €10 million to be used to further improve the quality and sustainability of NSI’s portfolio in the coming years.

With this transaction, NSI further strengthens its long-term funding profile, extends its debt maturity from approximately 3.6 years to 4.6 years and reinforces its relationship with MetLife Investment Management, a long-standing and trusted financing partner. As a result, NSI remains well positioned with a robust and diversified funding base.

Elke Snijder (CFO), commented:
“We are pleased to once again partner with MetLife Investment Management for this new long-term financing. This transaction underlines continued lender confidence in NSI’s strategy and portfolio quality. We are proud that NSI has secured attractive long-term funding while gaining additional flexibility to invest in the further improvement and sustainability of our assets.”

NSI N.V. has amended and extended its Revolving Credit Facility ('RCF') and Term Loan ('TL') with ABN AMRO, Belfius, ING and Rabobank. The amount of the facility remains unchanged at €300 million for the Revolving Credit Facility (of which €70 million is currently drawn) and €50 million for the Term Loan. In the amended agreement the maturity is set for a new 5-year term to June 2030, with two extension options, to, ultimately, June 2032. The agreement also includes a renewed sustainability-linked interest margin mechanism.

The renewed sustainability-linked mechanism, through which the interest margin will be adjusted, is based on our performance on four indicators: the weighted BREEAM label score, Energy Intensity (based on CRREM, measured in kWh/m2/year), solar panel capacity, and the company’s GRESB rating. These indicators are in-line with our sustainability leadership position and hold us accountable to deliver on important targets.

As a result of this refinancing, NSI’s average debt maturity increases to 4.2 years up from 3.2 years as per Q1 2025 and the average cost of debt remains stable. NSI’s financing also remains fully unsecured. With an LTV at the end of March of 32.8%, 230 million undrawn RCF and 83% of the interest costs fixed or hedged, NSI has a solid balance sheet to support its strategy and planned development pipeline in the upcoming years.

Elke Snijder, CFO: "We are very content with this refinancing, as it reflects our belief that financial discipline and sustainability go hand in hand. We have secured long-term funding on solid terms, while holding ourselves accountable to clear ESG targets. This enables us to further strengthen our sustainability leadership while maintaining our ability to grow profitably.”

NSI was advised by ABN AMRO as Coordinator and Documentation Agent, Rabobank as Sustainability Coordinator and NautaDutilh as Legal Advisor. 

The maturity has been extended to June 2027. This brings the percentage of the interest costs fixed or hedged to 82.1%. NSI’s average debt maturity increases to 4.3 years up from 4.1 years as per Q1 2023 and the average cost of debt will increase to circa 3.1%. With an LTV as per Q1 2023 of 26.4% and no maturities until 2026, NSI is on solid financial footing to execute on its business plan.

Alianne de Jong, CFO: “Against the backdrop of a challenging commercial real estate landscape, this loan extension underscores the resilience of NSI's portfolio, the robustness of its balance sheet, and the enduring relationship it has forged with its funding partners."

NSI was advised by van Lanschot Kempen Investment Banking and NautaDutilh.

The amount of the amended facility is €50m, decreased from €80m originally, and has been extended to December 2026. NSI remains comfortable with its liquidity position, especially considering its €300m mostly undrawn RCF.

The amended agreement includes a sustainability-linked mechanism through which the interest margin will be adjusted based on our performance on four indicators: an energy intensity reduction target in line with the CRREM¹ decarbonisation pathway, the percentage of the portfolio that is aligned with the EU Taxonomy, the average BREEAM score of our portfolio, and the company’s GRESB rating.

With this extension NSI’s average debt maturity increases to 4.7 years up from 4.2 years as per Q3 2022. The average cost of debt will remain stable at 2% per year-end 2022, given current hedging, but is expected to increase to circa 3% by year-end 2023. With an LTV of 27.8% as per Q3 2022, limited upcoming debt maturities (€66 million maturing in June 2023) and no further maturities until December 2026, NSI remains in a solid financial position.

Alianne de Jong, CFO: “the successful completion of this financing in the current volatile environment is testament to the strength of NSI’s balance sheet, portfolio and the longstanding relationship with our funding partners. The inclusion of the sustainability-linked mechanism aligns with NSI’s conviction that a more sustainable portfolio is vital to the business’ long-term financial viability and performance. ”

NSI was advised by Van Lanschot Kempen Investment Banking and NautaDutilh.

^{1. Carbon Risk Real Estate Monitor}

The amount of the facility remains unchanged at €300 million while the maturity has been extended to December 2026 with an option to extend twice by one year to, ultimately, December 2028. This provides ample flexibility for the execution of our development program .

Furthermore, the new agreement includes a sustainability-linked mechanism through which the interest margin will be adjusted, based on our performance on four indicators: the percentage of buildings labelled at least BREEAM “Very good”, the percentage of buildings with EPC A Energy labels, sustainable investments as a percentage of capex, and the company’s GRESB rating.  

With this extension NSI’s average debt maturity increases to 5.1 years up from 4.7 years as per Q3 2021 and cost of debt remains stable at 2%. With an LTV at the end of September of 32.6% and 83% of the interest costs fixed or hedged, NSI has a solid balance sheet to support its strategy and planned development pipeline in the years to come.  

Alianne de Jong, CFO: "The inclusion of this framework cements NSI’s strategy to fully integrate sustainability into all aspects of its business and operations. We believe this is critical as the financial performance and long-term viability of assets and businesses become increasingly correlated to their sustainability. " 

NSI was advised by ABN Amro as sustainability coordinator and documentation agent and NautaDutilh as legal advisor.  

As a result of this issue, NSI will have extended its average debt maturity from 4.6 years at the end of March 2021 to 5.0 years at the end of June 2021. The average cost of debt will remain flat at 2.0%. The deal is in line with NSI’s treasury strategy to lengthen and spread its debt maturities and to diversify its investor base.

Alianne de Jong, CFO, commented : “We are very satisfied with this new debt issue at an attractive rate which further enhances our already strong financial capacity, leaving us front-footed in our growth ambitions. We are particularly pleased about Athene’s continued vote of confidence in NSI’s long-term business prospects and strategy.

As a result of this issue, NSI has extended its average debt maturity from 5.4 years at the end of December 2019 to 5.6 years at the end of March 2020. The average cost of debt will remain flat at 2.0%. The deal is in line with NSI’s treasury strategy to diversify and lengthen its debt maturities and to further diversify its investor base.

NSI is pleased that through partnering with MIM and MIM’s clients it has secured new high-quality investors which will help NSI to plan its capital requirements better given the plans for the years ahead.

NSI is pleased that in Athene Asset Management it has secured a new high-quality investor, who are committing to partner with the business for at least the next 12 years and have indicated a capacity to invest more in the future if needed.