First Sponsor Group’s wholly owned subsidiary FS NL Holdings has sold FS NL Zuidoost Property 15 (NLP15) to 33 percent-owned associated company FSMC NL Property Group for 108.1 million euros (around S$163 million), the Singapore-listed company said Thursday.
“The group has undertaken the disposal to generate development profit while retaining a meaningful stake for future capital appreciation and recurrent income,” First Sponsor said in a filing to SGX.
NLP15 holds a perpetual leasehold interest in a 7,910 square meter land parcel at Haaksbergweg 4-98 (even numbers), with an office building called Oliphant, located in Amsterdam, the Netherlands, First Sponsor said.
The Oliphant’s office redevelopment was completed in February of this year, with work on a new parking garage expected to begin early next year and be completed in the third quarter, the filing said.
FSMC NL Property Group will pay around 55.3 million euros within two months, and the remainder after the completion of the new parking garage, the filing said.
The net book value of NPL15 was around 15.5 million euros, or around s$23.4 million, while the property had a market value of 108.5 million euros, based on a September valuation report from Jones Lang LaSalle, the filing said.
NPL15 has ceased to be a subsidiary of First Sponsor and is now an associated company, the filing said.