NSI NV : Progress with strategy on track – valuation remains undemanding
>Investment case – solid finances and good quality portfolio - We maintain a positive view of NSI despite the ongoing Covid-19 pandemic given the company’s well positioned and typically multi-leased office assets across core Dutch cities (c.96% of office and HNK assets in target cities by value as of YE 2020). The company has a well spread and high quality tenant base (top ten tenants count for c. 40% of the total rent roll as of YE 2019). In addition the company’s ...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.
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.
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