NSI sells industrial portfolio to Urban Industrial
NSI N.V. ("NSI") reached agreement with Urban Industrial on the sale of 20 industrial assets (80,500 sqm). With this transaction, NSI divests almost its entire industrial portfolio. Furthermore, NSI reached agreement on the sale of a number of plots of land in Belgium. The total gross proceeds of these transactions amount to €48.1 million. The proceeds will be used to pursue opportunities in the Dutch office market, in line with NSI’s strategy.
With these transactions NSI further executes its asset rotation strategy. As previously announced, the industrial portfolio did not fit NSI’s strategic core portfolio. With the sale, NSI releases capital to reinvest in assets where NSI’s active management can add value. Currently NSI’s investment focus is on the Dutch office market.
The annualised gross rental income of the industrial assets sold amounts to €5.0 million. The transfer of the assets took place on 1 April 2016. CBRE, Royal Haskoning DHV and Loyens & Loeff acted as advisors to NSI in this transaction.
The plots of land in Belgium (18,905 sqm in total) are located at the Fabrieksstraat, the Luchthavenlaan and the Leuvensesteenweg in Vilvoorde. The transfer is expected to take place in the 2nd quarter of 2016.
The total gross proceeds of these transactions of €48.1 million was approx. 9.6% below the book value as per 31 December 2015.
This is the official press release that was released today by NSI N.V.