NSI N : acquires ONE20 office building in Amsterdam

On March 6 NSI N.V. irrevocably agreed to acquire the 9,743 sqm ONE20 office building located at Teleportboulevard 120-142 in Amsterdam-Sloterdijk. The asset was transferred to NSI on March 26. The building is currently let to four tenants and has an EPRA occupancy rate of 69%, with a WAULT of 4.0 years. With an additional lease already signed, the occupancy rate will improve to 76% and the WAULT to 5.7 years, on July 1. The building, constructed in 2001, has an A-label energy score.

The acquisition price (excl. purchase costs) of € 34.0m represents a gross initial yield of 3.5% (4.1% on July 1) and a reversionary yield of 6.3%. Strong demand for modern office space in Amsterdam-Sloterdijk in recent years has resulted in an overall vacancy rate of below 5% for the area and an average vacancy rate of 1.5% for the four NSI assets in this submarket. Due to the healthy underlying market dynamics rents of in excess of € 200 per sqm have already been achieved.