ING Small Cap conference Frankfurt -15 June 2016-
1 NSI COPE WITH A CHANGING ENVIRONMENT
NSI at a glance Description Entrepreneurial Real Estate management company, founded in the Netherlands in 1993 by private investors and listed on Euronext Amsterdam since 1998 Dutch REIT * status in 2000: exempted from corporate income tax on Dutch investment result Assets under management (per 1 April 2016) 1.1b A GRI of 114m over 2015 (Q1: 23.4m) Direct result of 51m per EoY 2015 Focus on Offices and Retail. Per 1 April 2016: Offices 717m: Offices and HNK Retail 425m: Retail and Large Scale retail and logistics Strong letting platform with in-house teams for asset management, marketing, development, business development and technical building management Key financials FY 2015 FY 2014 Portfolio value ( m) 1,203.5 1,668.1 Gross rental income ( m) 113.8 133.6 Net rental income ( m) 91.3 109.2 Direct investment result ( m) 50.6 48.2 Occupancy (%) 77.3 79.9 Loan-to-Value (%) * 43.2 48.9 Interest cover ratio (x) 3.2 2.6 (*) After disposals of remaining shares in IOW (Q1-2016) and the industrials portfolio (1-04-2016), LtV is per 1-04-2016 be 38.5% Dutch disclosure of major holdings and capital interest 31-12-2015 15-3-2016 Cohen & Steers Capital Management, Inc. 12.3% 8.4% ICAMAP Investments S.à.r.l. - 5.0% CBRE Clarion Securities, LLC 5.0% 5.0% BNP Paribas Investment Partners SA 4.9% 4.6% Phoenix Insurance Company Ltd. 3.7% 3.7% BlackRock, Inc. 3.0% 3.0% Asset portfolio 100% yearly externally appraised (50% per June and 50% per December) Norges Bank 3.0% 3.0% Voya Financial, Inc. 3.0% 3.0% * Fiscal Investment Institution 2
Focus on NSI s portfolio Portfolio summary per Q1 2016 Segment break down on contractual rent per Q1-16 # properties Lettable sqm Contractual Rent Occupancy Rate % Market Value (x 1,000) Value per sqm Offices (*) 114 452,991 51,518 79.7 593,892 1,308 54% HNK (*) 14 132,508 11,477 57.0 124,960 943 34% 66% Retail (**) 35 180,924 26,311 85.3 356,934 1,973 LSR (**) 6 89,996 6,109 93.3 68,240 758 12% Total 169 856,419 95,416 78.1 1,144,027 (***) 1,334 18% of Office rent * Approximately 1.2% of office market (49.5 million sqm) ** Approximately 0.9% of market *** Excluding EUR 54.2m held for sale and development Retail Offices HNK Occupancy rates (%) Effective rent * development Dutch portfolio ( /sqm) 100% 90% 80% 70% 77,0% 95,0% 93,0% 87,0% 88,0% 71,0% 72,0% 72,0% 85,0% 85,3% 74,0% 74,3% 200 190 180 185 186 188 186 187 186 189 183 185 186 181 183 180 179 186 178 179 60% 50% 40% 30% 20% 10% 170 160 150 140 150 146 148 148 146 145 146 144 143 148 146 149 146 145 145 161 157 0% 2011 2012 2013 2014 2015 Q1-2016 Offcies Retail 130 Q2-2012 Q4-2012 Q2-2013 Q4-2013 Offices Q2-2014 Retail Q4-2014 Q2-2015 Q4-2015 * Effective rent = contractual rent including incentives 3
Dutch economy in a nutshell Economic growth Unemployment rate Consumer confidence Sources: Statistics Netherlands (CBS), Netherlands Bureau for Economic Policy Analysis (CPB), Rabobank 4
Changing behaviour office tenants Changing tenant needs New way of working Flexibility Services Less space per employee # desks < # employees Changing tenant profile SME growth engine of Dutch economy Variety in type of organizational models Downsizing of large corporates Changing scene of business activity Greater concentration of economic activity Dutch office market is a micro market requiring in-depth understanding Changing negotiation position Adequate choice available (16% average vacancy) Distinctive product 5
Trends in the Dutch shopping 1. One-stop shop Complete range of shops, good access (incl. parking), 24/7, value-for-money, meeting place 2. Supermarkets remain anchor tenants for shopping centres Food: focus on fresh and experience (e.g. Jumbo Breda) Non-food: Ordering online and delivery at location of choice 3. Scope of retail offering back-to-basics Offering focused on food, personal care and services Meeting place with facilities for education, health and culture Experience Convenience Fun shopping : Shopping for leisure Daily needs : efficient shopping + meet (locally) City centre ( Downtown ) Regional Local ( Neighbourhood ) 7,500 12,000sqm Achmea Dutch Retail Property Fund 6
Defining NSI s strategy and focus Asset management Segmentation Client focus Investment Asset rotation Maximise total return Improve portfolio quality Improve operational performance 7
NSI well positioned to benefit from market opportunities Turning point in revaluations Positive revaluation office portfolio sustained for 2 nd reporting period, after a long period of negative revaluations Dutch economy strong performer in European landscape Full focus on core markets and asset classes Divestment of IOW Disposal of Industrial portfolio Acquisition of 8 high quality office assets ( 168.8 million) (in 2015) Significantly improved quality in office portfolio Share of core properties grew from 54% to 65% Share of Randstad increased from 42.5% to 52.5% Average quality (according to JLL ranking) improved from 49.3% to 57.8% Strong balance sheet LtV approx. 38.5% at present (Q1 2016: 40.1%) 8
Highlights Q1 2016 Strategy: portfolio focus further increased Sale of almost entire industrial portfolio ( 48.1 million) Sale of the remaining interest (15.2%) in IOW Agreement to release securities related to bank funding ( 450 million) as per 1 September 2016 LtV, after asset sales and dividend distribution, to approx. 38.5% at present Operational Occupancy rate of total portfolio increases to 78.1% (31 December: 77.3%) Occupancy rate total office portfolio increased to 74.3% (Q1 2015: 71.4%, Q4 2015: 73.6%) Rental income Dutch office portfolio grew slightly compared with Q4 2015 Quality improvement and focus on HNK start to pay off HNK continues to perform strongly Retail remains challenging; occupancy level increased over stable development of rent levels 9
2a STRATEGY - ASSET ROTATION
Combined strenght of the Netherlands, Belgian Flemish Diamond and German Rhein/Ruhr area
The Netherlands is fundamentally strong positioned 30 million inhabitants 150 billion internal Trade European manufacturing industry Gateway to Europe Largest port of Europe Best airport of Western-Europe European political and governing centre Strong universities GATEWAY TO EUROPE RHEIN/RUHR BRABANT RANDSTAD GATEWAY TO EUROPE EU-CAPITAL BRUSSELS EUROPEAN CAPITAL BRUSSELS TECH ZONE RHEIN/RUHR MANUFACTURING EINDHOVEN BRAINPORT
To be successful.. Understand the specific market dynamics Randstad, university cities and specific growth sectors/regions» Business intelligence embedded in asset management» Tenant management strongly rooted in local networks Offer an unrivalled tenant focused letting platform Knowing your customer and pro-actively anticipate his needs Tap into potential customer base» Strong commercial organization supported by CRM system» Seamless cooperation technical and commercial teams Have Operational Excellence Flawless execution» Full spectrum in-house asset management capabilities» ERP / strong ERP system base Anticipate market trends» New concepts and business development: HNK» Redevelopment and rebranding Ability to invest» To deliver upon tenants needs» Distinctive product Investing in real estate has become: Creating value through active management and operational excellence 13
Ongoing asset rotation Focus on growth areas in the Netherlands Divesting non-core assets and assets of which the value potential under NSI s management has been optimised is part of NSI s strategy to create value in its portfolio Investment focus on Dutch office market, migrating to a higher quality: Demographic growth Healthy economic environment University centres Proven asset management skills Cumulative divestment volume 2008-2016: 630 million, including divestment IOW shares ( 165 million) Cumulative acquisition volume (2008-2016): 1,618 million (including Vastned) 50,000 m 2 offices transformation 2014 2016 / 50,000 m 2 future transformation 20% Non target cities 28% 52% 14
2b STRATEGY ANTICIPATING CHANGING MARKET DYNAMICS
HNK servicing a growing market with higher earnings potential Demand for full service and flexible housing is growing in Dutch market Increasing number of self employed workers Changing housing needs due to new way of working ICT enables to work anywhere working, meeting and living have become more fluid Flexibility and services result in higher rental income while tenant is able to optimize their costs as they lease exactly the required space and services GRI from HNK rose to18.6% as % of GRI total office portfolio A distinctive brand in an otherwise oversupplied office market with emphasize on service instead of competing on price Full range of leasing propositions to accommodate every type of tenant looking for service. For example Tenant with focus on flexibility (sqm, price, term, etc) Corporate contracts to offer national coverage Traditional tenant with focus on location Proven track record of outperforming traditional office leases Substantial higher rent per sqm Significant higher lease up pace Strong take up/ supply ratio Consistent high retention rate Double digit like for like growth 16
HNK - a place to be: inspiring meeting place to work, connect and meet Tailored offices Connected Meeting rooms Managed Offices Co working & members space + Cafe = social heart Higher take up Higher effective rent Quicker re-lettings Higher retention Additional income stream Customer satisfaction 17
Roll out to nation wide network Year Openings Locations 2012 1 Rotterdam 2013 3 Hoofddorp, Utrecht, Groningen 2014 3 Amsterdam, Den Haag, Apeldoorn 2015 3 Den Bosch, Ede-Wageningen, Utrecht 2016 5-10 Opened: Dordrecht Planned: Rotterdam, Amsterdam To be acquired: several locations in NSI s target cities Initial targets vs reported HNK highlights ( million) 2013 2014 2015 2016 target Investment 3.7 5.8 9.5 16.1 GRI 1.5 5.4 8.0 12.0 # HNK s 3 4 10 20 % portfolio (sqm) 3% 12% 12% 25% * annualized 18
Next phase in offices focus on performance After big step up in 2014-2015; asset rotation is continuous part of strategy Focus on improving performance Full focus on Dutch high quality multi tenant offices in selected regions and neighbourhood shopping centers Non strategic: Large Scale Retail, 2 remaining Industrial assets NSI leasing platform allows for further growth in offices More focused portfolio and organisation Leveraging gross to net Roll out HNK from 11 at present to 20 HNKs by year end 2016 Currently under construction: HNK Rotterdam Blaak (2 nd HNK in Rotterdam) HNK Amsterdam Arena (2 nd HNK in Amsterdam) Selective acquisitions to optimise nation-wide network 19
Clear focus on daily shopping centers in Retail NSI focus on daily / convenience shopping centers Add services and experience (Easy Shopping) Focus on centers where NSI holds controlling ownership Focus on a mix of strong supermarket chains and local entrepreneurship LSR: non strategic Experience Fun shopping : Shopping for leisure Daily needs : efficient shopping + meet (locally) Services 20
Easyshopping adds extra dimension to daily shopping centre: Connect: Creating communities Offering (online) services Intensify relationship retailer - consumer Enlarge reach through active (online) marketing Increase dynamics: through activities in shopping centre Added Value Launched in shopping centre Zevenkamp (Rotterdam) Roll out to shopping centres in Rotterdam region 21
22 3a OPERATIONAL PERFORMANCE - OFFICES
Operational highlights offices Offices (Excluding HNK) Q1 2016 Q4 2015 Q1 2015 2015 2014 Gross Rental income ( million) 11.5 12.1 10.6 43.1 54.7 Occupancy rate in % 79.7 76.7 74.4 76.7 77.4 Take up in sqm 2,925 4,615 4,840 28.006 18.910 Take up / supply ratio (12 months rolling in %) 17.4 18.5 18.5 10.5 Effective rent level new leases (12 months rolling) in per sqm 106 107 107 107 113 Effective rent level per sqm total portfolio ( / sqm) 153 157 146 157 143 Like-for-like growth gross rental income in % -9,1-11.5-8.7-11.5-4.0 WAULT 5.1 5.1 3.8 5.1 3.5 Occupancy rate positively impacted by reclassifications; underlying stable development Q4 vs Q1 Negative l-f-l growth largely due to expired contracts in last 12 months; Q1/16 vs Q4/15 shows improving trend Stable development effective rent level new leases 7% of office contracts expire in 2016 23
24 3b OPERATIONAL PERFORMANCE HNK
Operational highlights HNK HNK (excluding Offices) Q1 2016 Q4 2015 Q1 2015 2015 2014 Gross Rental income ( million) 2.6 2.1 1.7 8.0 5.4 Occupancy rate in % 57.0 * 59.6 57.5 59.6 56.6 Take up in sqm 3,414 6,167 4,250 21,139 4,855 Take up / supply ratio (12 months rolling in %) 39 45 36 45 26 Effective rent level new leases (12 months rolling) in per sqm 166 165 167 165 169 Effective rent level per sqm total portfolio ( / sqm) 180 188 167 188 160 Like-for-like growth gross rental income in % 12.8 18.6 29.7 18.6 25.5 WAULT 3.2 3.1 2.8 3.1 2.4 * 62% excluding recently added *(vacant) properties HNK is winner of the Best office landlord 2016 award All product categories show positive trend GRI HNK as % of GRI total offices rose to18.6% in Q1 2016 from 14.7% in Q4 2016 Net margin (2015: 40%) should evolve to 75-80% when fully leased up (occupancy 85-90%) Occupancy rate continuously impacted by inflow of new HNK properties in semi vacant state All other individual HNKs showed increasing occupancy rates, except for HNK Rotterdam due to legacy tenant that left in Q4 2015 L-f-l growth in HNK expected to largely compensate negative l-f-l growth in traditional offices 26
Operational highlights total offices Offices ((Including HNK) Q1 2016 Q4 2015 Q1 2015 2015 2014 Gross Rental income ( million) 14.2 14.1 12.4 51.1 60.1 Occupancy rate in % 74.3 73.6 71.4 73.6 71.5 Effective rent level new leases (12 months rolling) in per sqm 138 138 133 135 129 Effective rent level per sqm total portfolio ( / sqm) 157 161 146 161 149 Like-for-like growth gross rental income in % -5.0-6.9-8.7-6.9-4.0 Occupancy rate total offices increased, in combination with stable rental levels of new leases GRI total office portfolio shows slightly improving trend 27
28 3c OPERATIONAL PERFORMANCE - RETAIL
Operational highlights Retail Retail Local Convenience Q1 2016 Q4 2015 Q1 2015 2015 2014 2015 Gross Rental Income ( million) 6.4 6.9 7.1 27.9 32.1 Occupancy rate in % 85.3 84.4 88.2 84.4 88.4 89.0 Effective rent level new leases (12 months rolling) in per sqm 199 215 159 215 135 Effective rent level per sqm total portfolio ( / sqm) 179 178 178 178 183 173 Like-for-like growth gross rental income in % -8.0 4.3 3.1 4.3-11.0 1.0 WAULT 4.4 4.6 4.6 4.6 4.5 Valuation development: Overall Retail: - 2.5% Specific local convenience: + 1.0% Retail market remains challenging despite improving consumer confidence & spending Negative l-f-l growth largely explained by one-off receipts in 2015 5% of retail contracts expire in 2016 29
30 4 FINANCIAL
Development Treasury KPI s Loan-to-Value (LTV) (%) Total costs of debt and swaps (%) 60% 59,6% 5,5% 5,7% Loans + Swaps 55% 5,0% 50% 45% 45,4% 44,9% 47,8% 47,8% 48,9% 44,9% 47,8% 43,3% 4,5% 4,0% 3,5% 2017 Target Financing costs Interest swaps 3,7% 40% 35% 36,6% 38,5% 3,0% 2,5% 2,0% interest loans 30% Q4-2013 Q2-2014 Q4-2014 Q2-2015 Q4-2015 1,5% Q2-2013 Q4-2013 Q2-2014 Q4-2014 Q2-2015 Q4-2015 Average maturity financing (in years) Total net debt and financing costs ( m) 5,00 1.200,0 14,0 4,00 1.000,0 12,8 12,0 3,00 800,0 Net Debt 10,0 2,00 1,00 2,7 2,3 2,2 2,1 1,9 1,7 1,4 4,6 4,3 3,9 600,0 400,0 200,0 Financing costs 8,0 6,0 5,5 4,0 2,0 - Q4-2013 Q2-2014 Q4-2014 Q2-2015 Q4-2015 0,0 Q2-2012 Q4-2012 Q2-2013 Q4-2013 Q2-2014 Q4-2014 Q2-2015 Q4-2015 0,0 31
Financing options KPI 13Q3 16Q1 Target 2017 Loan to Value 45% 40.1% (38.5% per April 2016) 40 <50% Average maturity financing 2.6yrs 3.7yrs > 3yrs Financing costs 4.8% 3.8% < 4.0% Available financing 25% 28% 10 20% Diversification 8% 18.4% 40 <50% Secured / unsecured 100% <100% <35 - >65% Due to the improved financing structure, NSI has multiple strategic financing alternatives Strategic financing alternatives Div Cost Refi Mat Unsec I II III IV V Conversion to unsecured financing Optimalisation of secured funding (Pandbrieffinancierung) Alternative funding with institutionals Issue convertible bond Increase current facilities and draw on accordeon Div = Diversification and availability of capital, Cost = Decrease financing costs, Refi = Refinancing risk, Cov = Covenants, Mat = Maturity loans, Unsec = unsecured funding 32
Financial highlights x 1,000 FY 2015 FY 2014 HY2 2015 HY1 2015 Gross rental income 113,835 133,599 45,703 68,132 Service costs not recharged to tenants -5,796-5,828-2,453-3,343 Operating costs -16,715-18,611-8,660-8,055 200 mln improvement year on year Deconsolidation IOW, asset rotation and negative L-f-l of - 2,6mln, Divestment non-core and cost control Enlargement portfolio, + 2.5 mln one-off in BE Letting costs (Deloitte) in HY1 Net rental income 91,324 109,160 34,590 56,734 Administrative costs -6,914-7,711-3,075-3,839 Financing income 2,541 176 2,494 47 Financing costs -30,777-42,391-10,913-19,864 Result minority interests 2,377-2,377-2.5 mln one-off from settlement withholding tax Belgian Authority IOW, Lower debt, improved conditions in refinancing agreement, changes in swap portfolio IOW result after deconsolidation Direct investment result before tax 58,511 59,234 25,433 33,078 Corporate income tax -125-111 -7-118 Direct result att. to minorities -7,811-10,672 - -7,811 Minority share before sale to minority Direct investment result 50,575 48,451 25,426 25,149 Indirect investment result 13,219-185,348-4,032 17,251 Total result 63,794-136,897 21,394 42,400 Significant improvement on all elements: valuations, asset sales, IOW sale, value of derivatives 33
Financial highlights - Netherlands x 1,000 FY 2015 FY 2014 Gross rental income 90,796 93,333 Service costs not recharged to tenants - 5,216-5,027 Operating costs -17,377-16,253 Net rental income 68,203 72,053 L-f-l in offices Roll out HNK, sale non core and cost control Maintenance and one-off higher contribution to associations of owners Q1-16: IFRIC 21 Levies/property taxes Administrative costs -6,018-5,833 Financing income 2,540 112 Financing costs -24,694-30,509 Direct investment result before tax 40,031 35,832 Corporate income tax 18-7 Direct result att. to minorities - - Direct investment result 40,048 35,816 Indirect investment result 10,366-181,894 Total result 10,414-146,078 34
Balance sheet highlights x 1,000 31/12/15 30/6/15 31/12/14 Real estate investments 1,203,465 1,048,940 1,668,176 Total shareholders equity 660,748 657,951 788,302 Shareholders equity of NSI 660,720 657,979 632.112 Deconsolidation of IOW ( 636 mln), asset sales ( 43,3mln), acquisitions ( 169 mln), investments ( 16,8 mln) and revaluations ( 1,4 mln). Industrial portfolio ( 61,2 mln) classified as held for sale Minority stake - 156 mln Positive result ( 63,8 mln) - dividend payments ( 35.8 mln), value 15.2% stake IOW ( 51.4 million) Debt to credit institutions (excl. derivatives) 542,332 385,479 815,483 Deconsolidation of net Belgian debt and net investment Average cost of debt (%) 3.7 5.1 4.6 Net loan to value (%) 43.2 35.1 48.9 Average debt maturity (years) 3.9 4.6 2.0 As result of improved conditions in refinancing agreement, changes in derivative portfolio LtV, after asset sales and dividend distribution, 38.5% at present Fixed interest debt (%) 80.4 94.2 89,7 Interest coverage ratio 3.2 2.9 2.6 NAV ( /share) 4.61 4.59 4.41 EPRA NAV ( /share) 4.79 4.78 4.69 Minimum coverage policy = 70% Minimum ICR is 2 First increase in NAV since 2011 35
36 5 CONCLUSION
Outlook NSI expects to improve the overall occupancy rate of the total portfolio; Improvement of the occupancy rate of office portfolio Relatively stable development of the occupancy rate in retail portfolio. GRI of Dutch portfolio (excluding sold industrial portfolio) will show a slightly improving trend HNK expected to largely compensate for negative l-f-l growth in traditional office portfolio Impact divestment IOW in 2016 vs 2015 amounts to approx. 23.0 mln in GRI and approx. 8.5 mln in direct result Impact divestment industrial portfolio in 2016 vs 2015 amounts to approx. 3.7 mln in GRI and approx. 2.5 mln in direct result Impact IFRIC 21 directive on operating costs in HY1 37
APPENDIX
Recognition of IOW stake in 2015 Recognition of NSI s remaining 15,2% share in IOW Impact on Balance sheet as per 31 December 2015: 635.7 million Balance sheet total decreased by 656.1 million Debt to credit institutions decreased by 320.4 million 15.2% share classified as minority interest at 51.4 million: 20,75/share Impact on P&L Total DR HY1-15: 7,8 Million (incl one-off) Total DR HY2-15: 2,3 Million + reduction Interest costs @1,5-2% DR 2015:10,2 million (2014: 12,6 million) Reinvestment after 1 quarter 39
2015: Turning point in Dutch revaluations 2008 2009 2010 2011 2012 2013 2014 HY1 15 HY2 15 2015 In millions 2015 Bookvalue 31/121/15 Offices 9.1 717.1 Retail - 9.4 356.9 LSR 4.3 68.2 Industrial LSR Retail Offices Industrial - 2.6 61.2 Total 1.4 1,203.5 Positive revaluation of the office portfolio sustained for second reporting period, after a long period of negative revaluations ( 630 million since 2008, of which 75% in offices) - to 9.1 million in total in 2015 - driven by slight decrease in market yields and market rents - Includes transaction costs of acquisitions (cobra portfolio) of approx. 9 million Offset by negative revaluations in the retail portfolio - to 9.4 million in total in 2015 - driven by increasing market yields The value of the large scale retail portfolio saw an increase of 4.3 million in total in 2015, the industrial portfolio decreased by 2.6 million in total in 2015 40
Investment highlights Year Development 03-2008 Acquisition of portfolio Philips Pension fund and Swiss assets 04-2011 Merger with VastNed O/I 01-2012 Redevelopment of "De Rode Olifant" resulted in Spaces as tenant 10-2012 Start of HNK with launching property in Rotterdam 06-2013 Exit from Switzerland >90% completed 12-2014 Divesting non core asset portfolio 06-2015 Divesting 35% of outstanding shares IOW (listed in Belgium) 10-2015 Acquisition 8 high quality office assets 12-2015 No negative valuations of assets ( 630 million since 2008) Q1-2016 Divesting remaining part of outstanding shares IOW 04-2016 Divesting Industrials portfolio 41
1 Vivaldi 1 2 Vivaldi 2 Location: Total size: Passing rent: WAULT (yrs) 14.4 Amsterdam South-Axis 9,592 sq m 2.4 mio Occupancy: 100% Tenure Multi tenant (leased to operator) Location: Total size: Passing rent: WAULT (yrs) 7.1 Amsterdam South-Axis 8,687 sq m 2.3 mio Occupancy: 100% Tenure Multi tenant, leased to operator 3 Centerpoint 1 4 Centerpoint 2 Location: Total size: Passing rent: WAULT (yrs) 4.8 Amsterdam South-East 9,011 sq m 1.9 mio Occupancy: 98.9% Tenure Multi tenant Location: Total size: Passing rent: WAULT (yrs) 6.0 Amsterdam South-East 6,249 sq m 1.3 mio Occupancy: 100% Tenure Single tenant 5 Alexanderpoort 6 Alexanderhof Location: Rotterdam Alexander Location: Rotterdam Alexander Total size: 9,408 sq m Total size: 3,120 sq m Passing rent: 1.5 mio Passing rent: 0.5 mio WAULT (yrs) 3.1 Occupancy: 88.5% WAULT (yrs) 3.0 Occupancy: 94% Tenure Multi tenant Tenure Multi tenant 7 het Binnenhof 8 Ypsilon Location: Den Bosch, Paleiskwartier Location: Leiden, Bio Science Park Total size: 10,442 sq m Total size: 9,418 sq m Passing rent: 1.5 mio Passing rent: 1.6 mio WAULT (yrs) 5.9 WAULT (yrs) 4.5 (break-date) Occupancy: 90.6% Occupancy: 100% Tenure Multi tenant Tenure Single tenant
Transformations Office Portfolio REALIZED (2014-2016) IN PROGRESS (2016) City Address m² Type of use 1. Amsterdam Koningen Wilhelminaplein 5,019 Residential 2. Amsterdam Arlandaweg 4,257 School 3. Utrecht Reactorweg/Kobaltweg* 10,009 Industrial 4. Zeist Montaubanstraat* 1,539 Residential 5. Amsterdam Karel du Jardinstraat* 6,107 Residential 6. Amersfoort Hardwareweg* 5,858 School 7. Nieuwegein Villawal* 5,783 Residential 8. Amsterdam Delflandlaan* 7,440 Hotel 9. Den Haag Ln Copes v Cattenburgh* 1,705 Residential 10. Velp Arnhemsestraatweg* 2,155 Residential City m² (ca.) Potential type of use Eindhoven 22,650 Residential/ Hotel Amsterdam 1,250 Residential Den Haag 3,000 Residential Utrecht 3,300 Residential/ Social Breda 5,000 Residential Gouda 10,000 Industrial Zoetermeer 3,000 Residential Total realized ca. 50,000 m² Total in pipeline ca. 48,000 m² * = sold assets 5. 6. 7. 9.