ICAMAP, the private real estate investment management firm, has revealed to the Dutch Financial Market authorities it has disposed of its stake of 10.65% in Dutch listed commercial property investor, NSI.
First Sponsor Group Limited, a company listed on the mainboard of the Singapore Exchange Securities Trading Limited, is the buyer.
Terms have been agreed at €20 per share, reflecting a significant premium of 11% to the share closing price on 3 May 2024, and 15% to the closing price the day before it went ex-dividend on 22 April 2024.
NSI owns assets such as Glass House in Amsterdam (pictured). Vacancy rates are running at around 5.2% as of March. In Q1, the company started a share buyback scheme, and said that while operationally the market was resilient, the investment market continued to be quiet.
Icamap said its investment in NSI N.V. generated a positive return, despite the impact of adverse office market conditions due to covid and significant rise in interest rates.
It also significantly outperformed the EPRA Developed Europe index and comparable office property peers listed in Europe.
