New Amsterdam Invest Sets Sights on Expanding its UK Footprint with Forthstone Acquisition

A bold move to augment the company’s commercial real estate portfolio, confirming its growth-driven strategy

Key Takeaways:

  1. New Amsterdam Invest N.V. (NAI) announces the intended acquisition of Forthstone, a premier office space in Edinburgh, UK.
  2. The acquisition reinforces NAI’s commitment to their vision and growth strategy.
  3. Forthstone is a high-quality commercial property that is expected to generate sound returns for NAI’s shareholders.
  4. The CEO, Aren van Dam, reaffirms their dedication to delivering value for their stakeholders.

About New Amsterdam Invest

New Amsterdam Invest N.V. (NAI), an esteemed commercial real estate company, boasts a diverse portfolio spanning continents, with operations in the United States and the United Kingdom. Listed on Euronext Amsterdam, NAI is committed to an expansive range of commercial activities. These encompass owning, redeveloping, acquiring, divesting, maintaining, letting out, and operating commercial real estate, showcasing the company’s broad operational reach.

The management board includes Aren van Dam (CEO), Moshe van Dam (COO), Elisha Evers (CSO), and Cor Verkade, who handles investor relations.

Expanding Horizons: The Forthstone Acquisition

As part of its robust growth strategy, NAI has set its sights on the United Kingdom, announcing the intended acquisition of Forthstone, a coveted office property located in Edinburgh’s South Gyle Business Park. This acquisition is projected to add a fifth property to NAI’s UK portfolio.

The company’s UK holding, Somerset Park Holding UK Ltd., has signed a provisional contract for the property. The formal owner will be a newly incorporated operating company, Forthstone Land and Property Ltd, a 100% indirect subsidiary of NAI. The total consideration for Forthstone, inclusive of transaction costs, amounts to approximately GBP 9.5 million. This investment is evenly split between equity and debt, with the loan carrying an interest rate around 7%.

The deal is slated for closure by August 29, 2023.

CEO’s Vision and Commitment

Aren van Dam, CEO of NAI, views this acquisition as a testament to the trust placed in their vision by the shareholders. Van Dam stated: “Less than two months ago we received the trust of our shareholders in their unanimous support for our vision and business combination with Somerset Park. The acquisition of Forthstone shows we are delivering on that vision. We are growing our portfolio, realizing opportunities we see in the current market for operating high-quality commercial real estate with sound returns for our shareholders.”

Forthstone: A Premier Commercial Property

Forthstone is a modern, Grade A open-plan office accommodation spanning over three floors. It is let entirely to Motability Operations Ltd until January 2037. The total rent for the 35,370 square foot property equates to GBP 21.00 per square foot for the office space and GBP 10.50 per square foot for the reception.

The acquisition is expected to yield a rental income representing 7.7% of the asset value (including transaction costs), matching the interest rate on the loan.

This bold acquisition further underscores NAI’s commitment to their expansion strategy and their unwavering pursuit of shareholder value. This is just another page in their ongoing growth story, and the market will undoubtedly follow their progress with keen interest.

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