NSI has acquired a fully let, 14,396m² office building located at Sint Jacobsstraat 200 - 440 in the city centre of Utrecht. The building is multi-let to five mainly governmental tenants and has a WAULT of 4.6 years. The building comprises of three parts, two of which have an A-label and one has a B-label energy score. The acquisition price (excl. purchase costs) of €52.1m represents a gross initial yield of 6% and a reversionary yield of 6.6%.
The deal fits NSI’s strategy to focus on the growth potential of the G4 cities. Following this transaction, Utrecht will make up 10% of the Offices and HNK portfolio. The transaction will initially push the LTV outside the 35-40% target range, but scheduled disposals in Q4 will bring it back to well within the 35-40% range by year-end.
Anne de Jong, CIO of NSI commented: “Utrecht’s central location, improving infrastructure and a more dynamic central station area will strengthen its position as a prime office location and will drive rental growth in the future. The asset is located in a vibrant multi-functional area of the city centre, five walking minutes from Hoog Catharijne shopping centre and the train station and offers future development potential.”
