NSI N.V. The new lease, for the entire 23,000 sqm property, retroactively commences on 1 December 2016. We are pleased that NSI can confirm a genuine win-win deal. For the tenant this transaction offers more certainty at a lower rent level, whilst NSI has substantially de-risked its investment and gained a significant capital value uplift.
Anne de Jong, CIO of NSI comments: " At the time of acquisition Glass House was a significantly over- rented property with a short remaining lease term, until Q3 2019. We acquired the building with a view of having two options. Either we would look to extend the lease with the existing tenant or we would (partially) create an HNK in one of the best connected office locations in Amsterdam. We are very pleased that the tenant sees Glass House as one of their core office locations and as such has committed to stay for a further 10 years."
Savills advised NSI in this transaction.
About NSI
NSI N.V. is a specialist commercial property investor and the only listed real estate investment trust (REIT) focused on The Netherlands. The NSI team aims to maximise returns for shareholders through pro-active management of its investment portfolio and disciplined asset rotation. The portfolio was valued at €1.2bn at the end of September 2016.
For more information
NSI N.V. - Dirk Jan Lucas T +31 (0)20 763 0368
E dirkjan.lucas@nsi.nl / I www.nsi.nl/
NSI NV published this content on 05 January 2017 and is solely responsible for the information contained herein.
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