NSI NV

What NSI NV does

NSI N.V. is a Dutch publicly listed real estate investment trust (REIT) founded in 1993 and listed on Euronext Amsterdam under ticker NSI. The company is structured as an FBI (fiscal investment institution) and is described as the only listed REIT focused on Dutch offices. NSI operates a portfolio of 41 buildings concentrated primarily in Amsterdam and selectively in other major Dutch cities, with a stated portfolio value exceeding €1 billion and a development pipeline of approximately €850 million (€150 million existing asset book value plus €700 million of capex), estimated at a 6–6.5% yield on cost. The company generates recurring rental income from long-term leases with corporate tenants, with named customers including KPN (7.5% of gross rental income at Glass House in Amsterdam Sloterdijk, vacating November 2026), ING (preliminary lease for Laanderpoort redevelopment, ~31,000 sqm), CSU and Tzorg (3,100 sqm each at HNK Rotterdam Alexander).

The core product offering comprises traditional office space rentals ranging from single desks to fully tailored headquarters, complemented by the in-house HNK flex office brand which provides hospitality-led, turnkey workspace solutions. Active asset management is supported by building sensors monitoring energy and utilization, customer digital portals for sustainability and circularity reporting, and development initiatives such as the Noon project (transformation of the former Vitrum building into ~14,270 sqm of premium office space) and the Bentinck Huis upgrade in The Hague. The go-to-market is direct enterprise B2B leasing, with sustainability-linked financing (€350m syndicated facility with ABN AMRO, ING, Rabobank and Belfius; €50m MetLife 7-year notes; Berlin Hyp €65m secured loan) and recurring IR engagement through quarterly results and AGM materials.

The revenue model is fundamentally a recurring rental income model with long-duration leases, supplemented by service and amenity fees through the HNK flex brand. Average debt maturity stood at 4.6 years as of early 2026 following the MetLife refinancing, with loan-to-value at 32.1% and a €300m revolving credit facility (€70m drawn) extended to June 2030. EPRA vacancy was 12.6% in Q1 2026 with half concentrated in Vivaldi II and Newtonweg, and Q1 2026 EPRA EPS was €0.35, reflecting pressure from disposals and increased vacancy. The FY2024 final dividend of €0.82 per share was ratified at the April 2025 AGM. Governance is in transition with CEO Bernd Stahli retiring by 31 December 2026 after 10 years, CFO Alianne de Jong reappointed for a new four-year term, and Jan-Willem de Geus reappointed as Chairman of the Supervisory Board.

Name

NSI NV

Legal name

NSI N.V.

Website

https://nsi.nl

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

NSI N.V. is a Dutch listed REIT (Euronext: NSI) operating a portfolio of 41 office buildings in Amsterdam and other major Dutch cities, serving mid-market to large corporate tenants with traditional rentals and HNK flex workspace. The portfolio is valued above €1 billion with an €850 million development pipeline.

Ownership category

akta.pro rank

Headquarters

HQ city

Hoofddorp

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Others

Revenue model

1. Commercial Property Rental: NSI generates revenue through renting office and flex workspace to corporate tenants across its Dutch portfolio. Rental income is the primary revenue stream, underpinned by a portfolio of 41 buildings in Amsterdam and other major Dutch cities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

NSI N.V. is a Dutch listed commercial property investor and REIT that owns and operates a portfolio of 41 office buildings primarily focused on Amsterdam and selectively on other major cities in the Netherlands. The company rents office space to corporate tenants, offering a full range of products from single desks to fully tailored headquarters through its main NSI brand and the in-house HNK flex office brand, which provides turnkey workspace with hospitality services.

Product overview

NSI NV is a Dutch listed commercial property investor and REIT focused on well-located offices in economic growth regions in the Netherlands. The company operates a portfolio of 41 buildings with a primary focus on Amsterdam and selectively on the best locations in other major Dutch cities. The core offering includes traditional office space rentals (from single desks to fully tailored headquarters) and the company's in-house HNK flex office brand. NSI also develops properties such as Noon (formerly Vitrum) and offers space-as-a-service solutions combining flexible workspace with hospitality and amenity services.

Differentiator

Problem solved

Functional benefit

Brands

• HNK: Flexible office space brand operated by NSI, offering hospitality and top-quality amenities with full range of products from single desk to fully tailored headquarters. Also known as 'Huis van Werk en Kennis' (House of Work and Knowledge).

Products and services

• HNK Flex Office Brand

Quantifiable outcome

• Development pipeline estimated yield on cost of 6% to 6.5%
• +1 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• ABN AMRO (Sustainability Coordinator)coreStrategic or Co-development PartnerABN AMRO acted as sustainability coordinator and documentation agent for NSI's €300 million sustainability-linked revolving credit facility, and as coordinator and documentation agent for the €350 million syndicated facility. NSI's financing framework is integrated with ESG performance indicators including BREEAM ratings, EPC labels, and GRESB scores.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Vastned: Vastned is a Dutch listed REIT (Euronext Amsterdam) investing in prime retail and mixed-use properties in the Netherlands, comparable to NSI as a domestic-only listed REIT with a focused asset-class strategy and similar investor base.
• Icade: Icade is a French listed REIT with a substantial office portfolio and sustainability focus, comparable to NSI in its pure-play office strategy, GRESB/BREEAM-led ESG positioning, and institutional investor base.
• Wereldhave: Wereldhave is a Dutch listed REIT focused on shopping centres and mixed-use real estate in the Netherlands and Belgium, comparable to NSI as a Euronext-listed Dutch REIT with similar governance, sustainability focus, and institutional investor following.
• Colonial: Colonial is a Spanish REIT with a prime Paris office portfolio (through SFL), comparable to NSI in its prime-location European office focus, listed REIT structure, and value-add repositioning strategy.
• Gecina: Gecina is a French listed office-focused REIT (SBF 120) with a prime Paris portfolio, directly comparable to NSI in business model (pure-play office REIT), sustainability-linked financing, and prime-location urban office strategy.
• Cofinimmo: Cofinimmo is a Belgian listed REIT with significant office exposure across Europe, comparable to NSI in office portfolio strategy, listed REIT structure, and ESG-driven capital partnerships.
• CA Immobilien: CA Immobilien is an Austrian listed office REIT focused on prime German and European gateway cities, comparable to NSI in its office concentration, listed REIT status, and prime-location strategy.

Emerging players

• Mindspace: Mindspace is a European flex workspace operator with offices in major cities including Amsterdam, directly comparable to NSI's HNK brand as a flex office operator competing in the same Dutch and European markets with hospitality-led offerings.

Broad incumbents

• Unibail-Rodamco-Westfield: Unibail-Rodamco-Westfield is one of Europe's largest listed REITs, focused on prime retail and office assets. It is comparable to NSI as a Euronext-listed European REIT, though with a much broader pan-European scale and more diversified asset base.
• IWG: IWG (parent of Regus, Spaces, HQ) is the world's largest flex office operator, directly comparable to NSI's HNK flex office brand as a competitor and operator in the same flex workspace category with a broader global footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nsinv

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NSI NV