SINGAPORE - Property developer First Sponsor has sold the entire share capital in a wholly-owned subsidiary, which has a perpetual leasehold interest in a land parcel in the Netherlands, for 55.3 million euros to a 33 per cent-owned associate firm, FSMC NL Property Group.
NLP15's land parcel is located in Amsterdam with a site area of about 7,910 square metres . An office building named"Oliphant" with a total lettable floor area of 21,136 sq m sits on the site. The agreed commercial value of the property is 108.1 million euros , which is equal to JLL's valuation of 112.8 million euros minus the agreed value of all unpaid current and future rent incentives granted by NLP15 to the tenants at the Oliphant building.
NLP15 has an amount owing to FS Euro Capital, another wholly-owned subsidiary of First Sponsor, under a loan agreement dated Sept 21 2017 for up to 44.8 million euros.