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. 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% 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.

The deal fits NSI’s strategy to selectively acquire interesting value-add initiatives and to create attractive clusters around major public transport hubs. Following this transaction, Amsterdam will make up 55.5% (Dec 19: 51.0%) of the Offices and HNK portfolio.

Ahmed Ouahim, Head of Transactions of NSI comments: “ONE20 is located next to both the Glass House and Q-port buildings and so it further cements our position in this strong sub-market of Amsterdam. The Sloterdijk submarket is transforming rapidly to a multifunctional location with excellent transportation links, including Amsterdam’s second busiest train station. The building offers great value-add potential through letting up the remaining vacancy and capturing the potential reversion in existing leases”. 

NSI was advised technically and commercially by Savills, and legally by Houthoff. Attestor was represented by BNP Paribas Real Estate as commercial and technical advisor and Allen & Overy as legal advisor.