SINGAPORE (Dec 26): First Sponsor Group has entered into a sale and purchase agreement for the proposed acquisition of the majority apartment rights of a mixed use office building in Amsterdam, the Netherlands, for 55.5 million euros ($88.6 million).

Meerparc is a five-storey strata-titled freehold property located in the South Axis, the main central business district of Amsterdam.

The property sits on a site area of 9,744 sqm, and has a lettable floor area which includes 12,200 sqm of office space and 4,618 sqm of retail/commercial space.

As at end November, Meerparc has an office occupancy of 73%, with a weighted average lease term of 5.0 years.

“The group is pleased to expand its presence in Amsterdam South Axis via the acquisition of the majority apartment rights of Meerparc which will further enhance the recurrent income of the group,” says Neo Teck Pheng, group chief executive officer.

“The prime location and freehold tenure of the property also means that this property has good redevelopment potential,” he adds.

Shares in First Sponsor last closed at $1.39 on Dec 22.