M&A Activity • Jan 17, 2013
M&A Activity
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Hoofddorp, 17 January 2013 – NSI has sold Dutch assets for a total value of €47.9 million since it announced its intention to dispose Dutch assets for a total value of €50 million about one year ago. The disposals include smaller, non-core office buildings and retail assets of which NSI optimised the value potential within its portfolio. The proceeds of the divestments in the Dutch portfolio will be used to redeem debt.
Johan Buijs, CEO of NSI comments: "Selling properties that are non core or which achieved the value potential under our management has been part of our strategy to manage the balance sheet. At the end of 2011 we announced our intention to sell €50 million of such properties and I'm pleased that we've been able to execute this transaction volume in the current challenging market and to deliver on our disposal target. It proves the strength of our experienced and hands-on asset management team."
On average, the assets have been sold slightly below book value as per 30 September 2012. The disposed assets generated an annual gross rental income of €3.8 million.
| Dutch properties sold | Category | Sqm | Gross annual |
|---|---|---|---|
| rent level | |||
| Mereveldplein 1-80, De Meern | Retail/ | 4,382 | €1,162,415 |
| 46 residential units | |||
| Sint Trudostraat, Eindhoven | Retail | 3,408 | €405,415 |
| Rozemarijndonk 33-47, Spijkenisse | Retail | 3,088 | €489,678 |
| Herengracht 105-107, Amsterdam | Offices | 1,221 | €233,769 |
| Herengracht 499, Amsterdam | Offices | 1,091 | €268,703 |
| Leidsegracht 101-107, Amsterdam | Offices | 1,992 | €282,418 |
| De Lairessestraat, 129, Amsterdam | Offices | 426 | €143,102 |
| Oudezijds Voorburgwal, Amsterdam | Offices | 991 | €215,012 |
| Plein van de Verenigde Naties, Zoetermeer | Offices | 3,919 | €587,348 |
| Total | € 3,787,860 |
In July 2012, NSI announced that it sold 70% of the Swiss portfolio, following NSI's strategic decision to exit the Swiss market. The process of selling the remaining Swiss assets is ongoing.
NSI offers tenants sustainable accommodation that entitles them to run their businesses successfully over the long term, so that institutional and individual investors are offered a rising return on their invested assets. NSI invests in office and retail properties at prime business locations in the Netherlands and Belgium. NSI is a listed closed-end property investment company with variable capital and manages assets of approximately € 2.2 billion.
For more information, please contact: NSI N.V., Eva Lindner T: +31 (0)20 76 30 300 E: [email protected] / W: www.nsi.nl
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