NSI N : strengthens footprint in Leiden Bio Science park with €21m acquisition

NSI has acquired, in an off-market transaction, an office asset at Mendelweg 30 in Leiden Bio Science Park. The €21m building, representing a gross initial yield of 6.3%, offers 6,234 sqm of modern office space and 140 parking spots and is fully let to Airbus Defense and Space for a remaining lease term of just over 3 years. The building has an A+ energy label.

Leiden Bio Science Park is one of Europe's main Life Science clusters and is on its way to becoming a multi-functional innovation hub, underpinned by ambitious densification plans, excellent accessibility and infrastructure. It is expected that demand for office and laboratory space will outpace supply: over the period 2020-2025, the supply is expected to grow by some 25% while additional demand is expected to be closer to 35% as the number of companies is set to increase from 350 currently to over 500 by 2025.

Following this transaction, NSI's exposure to this cluster comprises five adjacent assets, all 100% occupied, which make up circa 7% of the overall portfolio.

Ahmed Ouahim, Head of Transactions at NSI, commented: "Not only has Life Sciences real estate proven highly defensive during the past 18 months dominated by Covid, the long-term prospects of Life Sciences as an asset class are bolstered by rapidly accelerating growth in the science and innovation fields. In addition to benefiting from these underlying fundamentals, the acquisition of Mendelweg 30 offers interesting future value-add opportunities"