Dutch listed office landlord NSI has announced plans to significantly reduce its 50.2% stake in Belgian REIT Intervest Offices & Warehouses (IOW), as part of its strategy to have a stronger focus on the Netherlands.
Dutch listed office landlord NSI has announced plans to significantly reduce its 50.2% stake in Belgian REIT Intervest Offices & Warehouses (IOW), as part of its strategy to have a stronger focus on the Netherlands.
NSI said the IOW shares will be offered to Belgian and international institutional investors through an accelerated private placement, at a fixed offer price of €19.50 per share, slightly above the company's current Net Asset Value.
NSI has already reached an agreement with Belfius Insurance, which has committed to acquire 1.2 million shares in IOW, representing 7.4% of the company's capital.
In total, NSI intends to sell a stake of between 25% and 35% of IOW.
'We have been and will remain a committed shareholder in IOW,' said Johan Buijs, CEO of NSI. 'The key of our capabilities is in actively managing our portfolio, and IOW is very well managed by the IOW management. However, NSI aims to allocate its capital to assets and markets where we see the best opportunities to drive value through our own management and we currently consider the Dutch office market as most attractive to put our capital to work. The proceeds of this transaction will be used to further pursue opportunities in the Dutch office market.'
Jean Paul Sols, CEO of IOW added: 'This intended transaction will benefit the IOW share as it will broaden the investor base and increases the liquidity, whilst being supported by a solid group of reference investors.'
The broadened shareholder base will give IOW a 'solid base' to execute its strategy, aimed at growing the company's logistic portfolio to 60% of the total, he added.
Bank Degroof, ING and Kempen and Co are acting as joint global coordinators and joint bookrunners on this transaction.
