Dutch property investor NSI has secured off market the acquisition of a portfolio of three assets in Amsterdam and Rotterdam, the Netherlands a total of €80 mln (excluding transaction costs).
The acquisition price represents a gross initial yield of 5.8%.
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 m2 of office space over 11 floors. Following an extensive renovation in the autumn of last year at a cost of circa €12 mln, 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.
In Amsterdam Zuidoost, at Hogehilweg 6, NSI has acquired a 3,097 m2 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 in Rotterdam is located in the city center at Westblaak 155-189 and offers 6,202 m2 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 portfolio has a 2.8% EPRA vacancy rate and a WAULT of 10.5 years.
Following the acquisition, the portfolio will be 55% located in Amsterdam by value and will have total size of €1.3 bn.
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.’
