Listed property firm NSI completed the sale last week of the vast majority of its Swiss holdings for a total of CHF 94.5 mln (EUR 79 mln), as part of its strategy to focus on the Benelux markets.
Listed property firm NSI completed the sale last week of the vast majority of its Swiss holdings for a total of CHF 94.5 mln (EUR 79 mln), as part of its strategy to focus on the Benelux markets.
The package, which includes the Silvergate office scheme in Thalwil and the Perolles-centre retail asset in Fribourg, accounts for around 70% of the company's Swiss portfolio. Both properties were acquired in 2008 and had a book value of CHF 98 mln. Silvergate is a 12,876 m2 office building in Thalwil, a suburb of Zürich, and generates an annual gross rental income of EUR 2.4 mln. Pérolles Centre is a 13,235 m2 shopping centre in Fribourg and generates an annual gross rental income of EUR 2.6 mln.
The disposals will have only a marginal impact on the company's direct result of EUR 0.01 per share for 2012, NSI noted.
The properties have been sold in two separate transactions to two buyers. Proceeds from the sales will be used to redeem loans, leading to a reduction of the Loan To Value of around 1.4%.
'We announced our intention to sell our Swiss portfolio in December. I am pleased that we have now completed the disposal of 70% of the Swiss portfolio in six months' time, at price levels close to book value, and we are committed to finalising the sale of the two remaining smaller assets in the course of 2012,' commented Johan Buijs, CEO of NSI.
