NSI N.V. has acquired a 2,686 sqm office and laboratory building located at Archimedesweg 30 in Leiden in a sale and lease back construction with Genencor International B.V., part of DuPont. DuPont will lease the entire property for a period of 1.5 year, before moving to a new, larger, office in the area. The building was constructed in 1999 and has an A-label energy score. The acquisition price (excl. purchase costs) of € 5m represents a gross initial yield of 10.5% on the contracted rent. The deal fits NSI’s strategy to selectively expand its exposure to the Leiden Bio Science park. Following this transaction, Leiden will make up 5.3% (Dec 18: 4.9%) of the Offices and HNK portfolio. The transaction will initially push the LTV to 37.2% and will be financed out of our running cashflow.
Anne de Jong, CIO of NSI comments: “The building is relatively small, but because we already own multiple properties in the area, among others the adjacent building, it increases our critical mass in this market. We are positive about Leiden, partly because its central location nearby The Hague, Amsterdam and Schiphol airport. Furthermore, Leiden Bio Science park has a vacancy less than 1% which we believe will underpin rents in the long run.”
In this transaction NSI was legally assisted by Loyens & Loeff, commercially by 3stone Real Estate and technically by Savills. JLL acted as advisor to the seller in this transaction.