Dutch office REIT NSI has secured €50 mln of financing from Barings, a subsidiary of Massachusetts Mutual Life Insurance Company, in the form of a 10-year unsecured bond.
The notes are Euro denominated and have a fixed coupon, NSI said in a statement.
As a result of the issue NSI has extended its average debt maturity from 4.8 years at the end of September to 5.2 years today. The average cost of debt has only marginally increased from 1.9% to 2.0%.
The deal is in line with NSI’s strategy to lengthen the debt maturities and to further diversify the investor base. The Dutch landlord also said that Barings has indicated it might invest further in NSI in the future.
NSI was advised by Rabobank, Axeco Corporate Finance and NautaDutilh.
