Report
Gerardo Ibanez ...
  • Steven Boumans

NSI NV : Portfolio rotation continues; earnings and valuation adjusted

>Earnings now reflect announced asset disposals; further rotation expected - During the FY 2022 results, NSI announced several disposals as part of the non-core portfolio which were closed in H2 2022 and Q1 2023 for a total € 31m. These assets were part of the HNK decentralised portfolio, or non-ESG compliant asset. The disposal presented a good story for NSI proving to the market its capabilities with regard to disposals related to book value. As a result, we now a...
Underlying
NSI N.V.

NSI NV, formerly Nieuwe Steen Investments NV, is a closed-end real estate investment firm based in the Netherlands. The Firm invests in a real estate portfolio, which it also actively manages. It operates in three segments: the Netherlands, Belgium and Switzerland. Its investments are primarily focused on office and retail properties in the Netherlands and on offices and logistics real estate in Belgium. The Firm's portfolio comprises over 300 lettable properties. The Firm has around 40 subsidiaries, including NSI Bedrijfsgebouwen BV, NSI Beheer BV, NSI Development BV, VastNed Offices Benelux Holding BV, Munuvius BV and NSI Luxembourg Holding Sarl, among others.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Gerardo Ibanez

Steven Boumans

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