Dutch investor Nieuwe Steen Investments (NSI) has reached an agreement with its banks to refinance EUR 275 mln of short-term credit facilities. As a result, the company said that all refinancing facilities for the year 2009 are now covered.
Dutch investor Nieuwe Steen Investments (NSI) has reached an agreement with its banks to refinance EUR 275 mln of short-term credit facilities. As a result, the company said that all refinancing facilities for the year 2009 are now covered.
Additionally, the company has sold six properties in the Netherlands as part of its strategy to reduce the number of assets in its portfolio by divesting small, management-intensive assets. NSI disposed of the six retail properties for a total of EUR 19.2 mln. The assets are distributed across the Netherlands and generate a rental income of EUR 1.37 mln, reflecting a yield of 7.13%.
The transaction follows hard on the heels of NSI's sale of other six assets in November, bringing the total disposal volume in the fourth quarter to EUR 32 mln. The sale proceeds will be used to repay debt and to invest in larger properties in the Netherlands and Switzerland, NSI said.
