First Sponsor Group has increased its stake in Euronext-listed Dutch property firm NSI. On Nov 28, First Sponsor Group announced that it acquired 920,839 shares in NSI for EUR18.9 million ($26.6 million) or EUR20.50 per share.
The consideration factored in NSI’s underlying property portfolio, the company’s results, dividends, as well as the current office property market conditions in The Netherlands, says First Sponsor in its release.
NSI has a property portfolio of 44 office properties across The Netherlands with a market value of some EUR996 million. About 56% of its portfolio value is in Amsterdam.
The 920,839 shares represent 4.57% of NSI’s stake, bringing First Sponsor Group’s total stake in the company to 22.02%, up from 17.45% previously.
First Sponsor last bought 2.15 million shares in NSI for EUR42.92 million or EUR20 per share in May this year. That purchase brought First Sponsor’s total stake in NSI to 13.52% at the time, from 2.87% before.
As at 2.37pm, shares in First Sponsor are trading flat at $1.03.
