Dutch listed office property firm NSI has announced the sale of almost the entirety of its industrial assets to Urban Industrial as part of its strategy to focus exclusively on office properties in the Netherlands.
Hoofddorp-based NSI sold 20 industrial assets in the Netherlands covering a total of 80,500 m2 and generating €5 mln in annual rents as well as a number of plots of land covering 18,905 m2 of space in Vilvoorde, Belgium. The combined price for the sale amounted to just over €48 mln, representing a nearly 10% discount to the assets’ latest appraisal value per year-end 2015.
Closing is expected to take place in the second quarter of 2016.
The proceeds will be used to pursue value-add opportunities in the Dutch office market, the company added.
Urban Industrial is a Dutch investment fund recently launched by Jan Brouns and Arthur Verkerk in cooperation with Aevitas Property Partners, a leading real estate investor for some of the largest pension funds in the US.
The Amsterdam-based company focuses on industrial and logistics real estate in the western conglommeration of the Netherlands.
