Amsterdam-listed property company NSI has sold a retail asset in the Swiss city of Zug.
Amsterdam-listed property company NSI has sold a retail asset in the Swiss city of Zug.
The Hertizentrum was sold at book value for CHF32 mln (€26 mln). The property generates an annual gross rental income of €2 mln.
The vendor was not named but NSI said closing of the deal is expected to take place this month.
The property was locally financed at fixed interest rates. The proceeds of the sale will be fully used to redeem loans.
In 2012, NSI announced its strategy to exit the Swiss market and sold two properties, representing 70% of the portfolio, in that year. The Hertizentrum transaction is a next step in this strategy. The process of selling the last remaining Swiss property (2,267 m2 mixed office & retail center in Fribourg) is ongoing.
NSI invests in offices and retail in the Netherlands and Belgium, and has about €2.1 bn of assets under management.
