NSI acquires three assets, including iconic Atlanta building in Amsterdam
NSI N.V. (Euronext: NSI / NL0012365084) - Regulatory news
NSI has acquired, in an off-market transaction, a portfolio of three assets, two located in Amsterdam, one in Rotterdam, for a total of €79.8m (excluding transaction costs). The acquisition price represents a gross initial yield of 5.8%. The portfolio has a 2.8% EPRA vacancy rate and a WAULT of 10.5 years. The portfolio further strengthens NSI’s leading position in its target markets, including a new foothold in the city centre of Amsterdam and offers asset management opportunities in the medium term. Please see the attached slide deck for more details and pictures of the individual assets.
The largest asset by value is the Atlanta building in the city centre of Amsterdam, located at Stadhouderskade 5-6. The building, which is held in freehold and a listed monument, offers 6,542 sqm of office space over 11 floors. Following an extensive renovation in the autumn of last year at a cost of circa €12m, this state of the art office building with an A energy label is now fully let to WeWork and has a 14-year remaining lease term. The layout and location of the asset perfectly suit the exploitation by a flex operator and so are a natural fit with NSI’s long term portfolio and business ambitions.
In Amsterdam Zuidoost, at Hogehilweg 6, NSI has acquired a 3,097 sqm multi-let building with a 100% occupancy rate. The building, with a B energy label, has a remaining lease term of 2.7 years. The asset is located in a highly promising submarket of Amsterdam, undergoing a dramatic transformation from mono-functional office location to a multi-functional "live, work, play" area articulated around a major transport hub. The building complements NSI’s existing office assets in the area.
The asset in Rotterdam is located in the city center at Westblaak 155-189 and offers 6,202 sqm of modern office space. The building, with an A energy label, is multi-let with a 88% occupancy and a remaining lease term of 3.7 years. The asset is optimally located in the proximity of the metro station, the nearby vibrant Witte de Withstraat and is an ideal complement to NSI’s neighbouring HNK Rotterdam Centrum, a strongly performing asset, which underpins NSI’s long term confidence in this area.
The acquisition of this portfolio further establishes the company as the leading owner and operator of modern and quality office space in urban locations in the Netherlands. Following this acquisition, the portfolio will be 55% located in Amsterdam by value and will have total size of €1.3bn.
Ahmed Ouahim, head of transactions at NSI, commented: "this transaction cements NSI’s position as a leader in the Dutch office market. The portfolio offers a mix of central locations and value-add potential which we deem very attractive. We are pleased with the process and outcome of what was a complex transaction, but was able to be carried out at remarkable speed thanks to the strength of our team".
NSI N.V. is a Dutch listed commercial property investor. We enable our customers to achieve maximum productivity and growth, providing best-in-class flexible space solutions and services in modern, healthy, sustainable buildings in prime locations. The portfolio consists of 62 properties with a value of 1.3 billion euros.