Dutch listed property firm NSI has acquired an office building in Amsterdam for €47.3 mln, reflecting a gross initial yield of 4.7% and a reversionary yield of 7.2%.
The property, located at Radarweg 60 in Amsterdam's Sloterdijk district and dubbed the Motion building, consists of 16,300 m2 of office space spread over 10 floors. It is let to nine tenants with a weighted average unexpired lease term (WAULT) of 2.3 years. The EPRA vacancy rate is 29%.
‘We see multiple opportunities to create value, from leasing up vacancy to large-scale development in the future. Motion building is our third major acquisition in the vicinity of the Sloterdijk railway station since 2016. This area with excellent accessibility is transforming rapidly into a mixed-use district,’ explained Anne de Jong, CIO of NSI.
With this deal Amsterdam will account for 55% of NSI’s offices portfolio, up from 53% in June 2018.
