Asset disposal programme almost completed, vacancy falls below 7.5%
NSI N.V. (Euronext: NSI / NL0012365084) - Regulatory news
NSI N.V. has had another successful year in its asset rotation and letting strategy. At the end of 2019 the company will hold 70 assets in 18 markets, with circa 90% of all assets now Offices in target cities.
NSI was a net seller of assets in 2019, creating € 100m in capacity to help fund its development pipeline. During the year 28 assets were sold for € 129m, at on average a 9% premium to book value. These disposals comprise 20 smaller office assets, seven retail assets and one industrial asset. As a result of these disposals NSI has exited a further 14 cities in 2019.
Two office assets were acquired during the year, in Amsterdam and Leiden, at a combined cost of €29m. A retail asset in Leiderdorp, part of the transaction with Retail Estates in 2017, was transferred back to NSI in early H2 2019 and subsequently sold in December.
As a consequence of selling assets with above average vacancy and strong lease up in the fourth quarter, the EPRA vacancy rate will fall below 7.5% for the total portfolio and to around 2% for Amsterdam offices by Year End.
After another successful year we are close to finishing the asset disposal programme set out in February 2017. A further two office assets and a retail asset are expected to be sold in the first quarter of 2020. Going into 2020 the focus will shift even more to acquisitions and the development programme.
NSI will publish its preliminary full year results 2019 on Tuesday, 28 January before the market opens. A conference call for analysts and investors will be held at 10am.
NSI N.V. (Euronext: NSI / NL0012365084) is a specialist commercial property investor and the only listed real estate investment trust (REIT) focused on well-located offices in economic growth regions in The Netherlands. The NSI team aims to maximise returns for its shareholders through pro-active management of its investment portfolio, value-add initiatives, and disciplined asset rotation. The portfolio, with a value of over one billion euros, is underpinned by a strong balance sheet, with significant capacity to fund both internal and external growth. By investing in attractive space and a high level of services for its customers, NSI can generate sustainable and growing revenues to support an attractive level of dividends. For more information visit our website: www.nsi.nl.