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NSI buys office building ONE20 in Amsterdam for € 34 million

Published on 30-03-2020
NSI has purchased the 9,743 m² office building ONE20 located at Teleportboulevard 120-142 in Amsterdam-Sloterdijk. The property was transferred from Trinity Vastgoed III 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 a new lease already signed, the occupancy rate will improve to 76% as of 1 July and the WAULT to 5.7 years. The office building, which was built in 2001, has energy label A.

The purchase price (excluding purchase costs) of € 34 million generates a gross initial yield of 3.5% (4.1% as of 1 July) and a reversionary yield of 6.3%. The strong demand for modern office space in Amsterdam-Sloterdijk in recent years has resulted in a total vacancy of less than 5% for the area and an average vacancy of 1.5% for the four NSI buildings in this area. Due to the healthy market dynamics, rents of more than € 200 per m² have recently been realized.
The transaction is in line with NSI's strategy to selectively purchase properties with value potential and to create attractive clusters around large public transport hubs. After this purchase, Amsterdam represents 55.5% of the offices and HNK portfolio. In December 2019 this was 51.0%.

Ahmed Ouahim, Head of Investments: "ONE20 is located next to our Glass House and Q-port buildings and with this transaction we strengthen our position in this strong submarket of Amsterdam. Sloterdijk is quickly transforming into a multifunctional location with excellent transport connections, including the second busiest train station in Amsterdam. The building offers many opportunities to add value by letting the remaining vacancy. "

NSI was advised commercially by Savills, technically by Savills BPC and legally by Houthoff. The seller was represented by BNP Paribas Real Estate as commercial and technical advisor and Allen & Overy as legal advisor.
 SOURCE: Vastgoedjournaal, 27 maart 2020