First Sponsor to buy second office property in Amsterdam's CBD for 55.5m euros
MAINBOARD-LISTED First Sponsor Group has proposed to acquire a second office building in Amsterdam's central business district for 55.5 million euros (S$88.6 million) through the group's wholly owned subsidiary.
The proposed deal, entered to on Dec 22, is for the majority apartment rights of Meerparc, a mixed use office property in the Netherlands. The amount includes transaction costs.
"Meerparc is a five-storey strata-titled freehold property located in the South Axis, the main central business district of Amsterdam. The multi-tenanted property with a substantial office component is situated right next to the Zuiderhof I building, the group's first office property investment in the Netherlands acquired in early 2015 (as member of a consortium)," said First Sponsor in a filing with the bourse operator on Tuesday.
It added that similar to Zuiderhof I, which is fully let to a reputable law firm, the anchor tenant of Meerparc is DLA Piper Nederland BV which has a relatively long remaining lease.
Neo Teck Pheng, the group's CEO said that the expanded presence "will further enhance the recurrent income of the group".
He added that Meerparc's prime location and freehold tenure means that the property has good redevelopment potential.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Euro at highest to yen since 2008, markets nervy over Tokyo stepping in
Apac Realty enters the Philippines with franchise agreement
Aztech Global Q1 net profit up 18.7% to S$16 million on foreign exchange gains, write-backs
UPS profit beats estimates as cost cuts offset weak delivery demand
PepsiCo beats quarterly revenue estimates on price hikes, steady demand
General Motors beats quarterly results targets, raises forecast