NSI rasies EUR 55m to fund acquisitions

Listed Dutch real estate firm Nieuwe Steen Investments (NSI) raised EUR 55 mln in a private placement on Thursday to fund the acquisition of several properties.

The placement was carried out through an accelerated book build offering at a fixed price of EUR 14.00 per share. ' Following strong demand from investors the final offering size has been set at 3,935,150 million shares (therefore raising approximately EUR 55 mln), representing 9.99% of NSI's currently outstanding share capital, from the initially targeted minimum offering size of EUR 45 mln,' the company said.

NSI is in different stages of negotiations with several vendors to buy shopping centres and office properties in the Netherlands. The properties, NSI said, fit its strategy of improving the quality of its Dutch portfolio by investing in shopping centres of at least 10,000 m² at gross initial yields of above 7% and office properties of at least 5,000 m² in the Randstad area of the Netherlands at gross initial yields above 8%.

The firm's total portfolio, valued at EUR 1.3 bn, comprises retail and office assets in the Netherlands and Switzerland.