Fintech PR
New Amsterdam Invest N.V. results first six months 2023
AMSTERDAM, Sept. 13, 2023 /PRNewswire/ — New Amsterdam Invest N.V. (the “Company”, or “New Amsterdam Invest”, or “NAI”), a commercial real estate company listed on Euronext Amsterdam, announces its non-audited results for the first six months ended 30 June 2023, today[1].
Highlights 2023 Half Year[2]
- Approval of business combination with Somerset Park B.V. and start of operations as an operating company in the commercial real estate sector
- Net Rental Income first half of 2023, effectively from 2 to 30 June 2023: €0.5 million (2022HY: €0.0)
- Result from real estate operations 2 to 30 June 2023: €0.1 million
- Net result first half of 2023: -€2.6 million mainly driven by one-off valuation differences (non-cash) and expenses to realize the business combination (2022HY: -€1.2 million)
- Earnings per share first half of 2023: -€0.50 (2022HY: -€0.24)
- Net increase in Cash position in first half of 2023: €5.8 million (2022HY: €0.1 million)
- Total Assets per 30 June 2023 €76.5 million (2022YE: 48.9 million)
- Solvency per 30 June 2023: 60.3% (2022YE: 99.5%)
Aren van Dam, CEO of New Amsterdam Invest commented: “It is with proud and confidence that we look back at the first six months of 2023 where we have laid a sound foundation for our Company and its business going forward. It was not easy to establish a business combination for commercial real estate in the past period. Nevertheless, we succeeded to start with an outstanding portfolio in the UK and US, expanding further already in the second month after the business combination clearly showing the strength of our proposition.
That being said, 2023 is a transitional year for New Amsterdam Invest. As a result of different regulatory requirement around the transition from SPAC to operational company we have to take significant non-cash one-off costs making 2023 overall loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing.”
Summary results for the first six months of 2023
The greater part of the first half of 2023 was devoted to management efforts to realize a business combination for the special purpose acquisition company (SPAC) New Amsterdam Invest. It turned out not to be easy to identify one or more operating companies in the real estate industry, which would meet most of the Company’s financial and quantitative parameters. On that basis, the Company decided to look for multiple operating companies that could be grouped together in a business combination meeting the required parameters and factors.
On 2 June 2023, the Company shareholders’ approved the incorporation of Somerset Park B.V. (“Somerset Park”) as a wholly-owned subsidiary of the Company with the intention to maintain a group of commercial investments under Somerset Park. Subsequently, the status of the Company as a SPAC ended (“de-SPAC”). Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry.
As a result, the Company operated for most of the first half year as a SPAC and only for the last four weeks in HY 2023 as an international operating company for commercial real estate. This implies that the results for the first half year are not characteristic for the Company’s regular operational results going forward. Showing a net income of €0.1 million the real estate operations over this period where profitable.
|
Build up result from real estate operations to result according to interim financial report [3] (* €1,000) |
2023HY |
||
|
Rental income |
544 |
||
|
Direct related costs |
(108) |
||
|
Net Rental income |
436 |
||
|
Operating expenses |
(308) |
||
|
Result from real estate operations (2 – 30 June) |
128 |
||
|
SPAC operational costs |
(310) |
||
|
De-SPAC one-off costs |
(2,849) |
||
|
Operating result |
(2,990) |
||
|
Financial income |
402 |
||
|
Result before tax |
(2,588) |
||
|
Taxation |
(9) |
||
|
Result for the period |
(2,597) |
The reported result for the first half year 2023 amounts to €2.6 million loss.
This result is mainly attributable to a number of mainly non-cash one-offs to realize the transition from SPAC to a group of operating companies in commercial real estate like €0.5 million on the required documentation (Circular) as well as a required revaluation under IFRS of investment property of €2.3 million. A positive contributor was €0.5 million in interest received on the Escrow account. The running costs prior to the Business Combination came at €0.3 million.
The results from group companies have been included and consolidated within The Company’s Accounts results for periods from 2 June 2023 to 30 June 2023.
Number of shares issued per 30 June 2023
In addition, the Company has issued a total of 4,910,250 Warrants (IPO and BC) that will automatically and mandatorily convert when the closing price of the Ordinary Shares on Euronext Amsterdam reaches the Share Price Hurdle being €11,50 per share, without any further action being required from the Warrant Holder. The Share Price Hurdle will be met when the share closing price for available shares on Euronext is at the target price for at least 15 out of 30 consecutive trading days. If the hurdle is reached the Warrants will be converted into Ordinary Shares corresponding with the Warrant Conversion Ratio of 0.15, or 6.67 Warrants per Ordinary Share.
Outlook
As a result of different regulatory requirement in connection with the transition from SPAC to operational company, one-off costs where required as a result of which 2023 overall is expected to be loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing. More specific we expect to realize a 2024 net rental income of approximately €6.6 million and a result before tax of
€2.6 million[4].
Relevant events after 30 June 2023
As announced on 19 July, the Company purchased Forthstone, a unique commercial property located in Edinburgh, with a long-term lease agreement with its tenant. With this purchase, the Company will add a sixth property to its portfolio and in line with the Company’s business objectives and strategy for growth.
The owner of the property will be a newly incorporated operating company; Forthstone Land and Property Ltd, a 100% indirect subsidiary of New Amsterdam Invest N.V. The total consideration for Forthstone, including transaction costs, amounts to GBP 9.5 million and has been financed with a combination of equity (available in cash) and debt (LTV loan). The interest rate on the loan will be approximately 7%, or approximately GBP 308k per annum. The purchase is expected to complete by 29 September 2023.
Financial Calendar
- 13 September 2023, publication Half Year Results
- 8 April 2024 DV, Annual Report 2023
- 31 May 2024 DV, General Meeting of Shareholders
Financial statements New Amsterdam Invest first six months of 2023
For an overview of the interim financial statements of New Amsterdam Invest for the first six months of 2023 we refer to the attached Half Year Report 2023.
About New Amsterdam Invest
New Amsterdam Invest N.V. is a commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.
The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.
The management board of New Amsterdam Invest N.V. consists of Aren van Dam (member and CEO), Moshe van Dam (member and COO), Elisha Evers (member and CSO) and Cor Verkade (member responsible for investor relations).
All information about New Amsterdam Invest, including its principles and objectives can be found in the Shareholder Circular dated April 21, 2023, and the prospectus dated June 21, 2021. This and all other relevant documentation can be found on the company website: www.newamsterdaminvest.com
Disclaimer
Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.
This press release may include statements, including NAI’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
[1] This press release contains a summary of the 2023 Half Year results, for the full report see the attached Half year Report 2023
[2] Until 2 June 2023 the Company operated as a SPAC and only per that date acquired its operating companies. As a result, it is the first time the Company presents consolidated figures, and the current figures cover only a very limited period and no comparative figures on operational items can be included
[3] The table provides a distinction between ‘real estate related’ items and ‘SPAC related items’ for insight of underlying operational performance. The statements in the attached Half Year Report 2023 provide integral IFRS statements without this distinction
[4] Excluding potential impact of revaluation of investment property
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Australian property developer and operator to utilise innovative cloud platform for construction and investment accounting
SYDNEY, Sept. 18, 2024 /PRNewswire/ — Apt.Residential, an owner, developer and operator of residential properties in Australia, has chosen Yardi’s single connected platform to support growth, connect teams and manage capex projects and build.
With Yardi®, Apt.Residential can manage its funds and simplify complex financial processes, mitigate risk and deliver real-time insights into projects. The platform provides more visibility from investor to asset and delivers enhanced and accurate reporting. The company can access live data for costing, expenses, and revenue on all projects, from ground-up development to single-unit improvements and will allow Apt.Residential to grow the volume of units within BTR once they have operational units.
“We wanted to find the best platform for BTR that would support growth, streamline management of capex projects and handle our complex accounting,” said Michael Hogg, co-founder & head of operations for Apt.Residential. “Yardi’s single integrated platform was the best solution as it ensures our team can connect on one system and not worry about integrations or using multiple platforms.”
“We’re excited to work with Apt.Residential and support its growth as the company expands its BTR projects,” said Neal Gemassmer, vice president and general manager for Yardi. “Our connected platform will help Apt.Residential enhance communication and set them up so they’re ready to operate once development has completed.”
See how Yardi’s end-to-end technology can help drive your digitalisation strategies.
About Apt.Residential
Apt.Residential is a leading vertically integrated owner, developer, and operator of residential properties in Australia backed by global institutional capital. The company develops residential communities where wellbeing and connectedness come first. Its human-centric approach allows Apt.Residential to shape places for people who crave comfort, community, and elevated living. For more information, please visit aptresidential.au.
About Yardi
Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.com.au.
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Fintech PR
NewCo Capital Group Continues Global Expansion as 2024 Milestones Set The Stage for an Ambitious Q4
NEW YORK, Sept. 18, 2024 /PRNewswire/ — As Q4 fast approaches, NewCo Capital Group (“NewCo”) and Australia-based Bizcap are finalizing year-end initiatives to strategically position both companies for an ambitious expansion in 2025.
Both companies have celebrated a highly successful 2024, marked by remarkable and accelerated growth. This momentum has been driven by Bizcap’s unique Line of Credit product, NewCo’s introduction of their “Line of Capital” product and the launch of NewCo’s new mobile app. CEO Albert Gahfi emphasized the importance of closing 2024 on a high note to set the stage for future growth. “We’ve had an exceptional year so far, but our focus is on what comes next. We’re building the foundation for 2025 and beyond, ensuring that NewCo and Bizcap are positioned for continued global expansion.”
The plan for Q4 includes deepening their presence in existing markets while making calculated moves into new territories, including Singapore, Germany, and Luxembourg. “There are new opportunities in emerging markets that are currently underserved, where we believe we can make a significant impact. As a result, 2025 promises to be an exciting year for SMB financing globally.”
By reinforcing their operational and technological infrastructure, the companies are preparing to meet the demands of a rapidly evolving global financing landscape. “2024 has been a year of strong growth, but we’re not stopping here,” Gahfi said. “We are focused on delivering innovative financing solutions that not only meet the needs of today but also anticipate the demands of tomorrow. As we head into 2025, we’re ready to expand our reach and provide even more businesses with the capital they need.”
Part of a multinational collaboration, NewCo and Bizcap have successfully deployed over $1.5 billion to over 35,000 businesses worldwide. Gahfi commented, “We’re moving capital faster and more effectively than any other sector and our clients are benefiting from that growth.”
NewCo’s strength lies in its ability to adapt quickly, using a unique mix of proprietary technology, nuanced underwriting, and an experienced risk management team. The companies’ hybrid approach is challenging outdated financing models, making NewCo a preferred partner for SMBs looking for custom capital solutions that truly fit their needs.
“We’re not just growing; we’re leading,” Gahfi added. “As we expand globally, our goal remains the same—helping small businesses scale, create jobs, and thrive.”
With a clear strategy and a relentless focus on delivering value, NewCo Capital Group is primed to deepen its market influence and capitalize on emerging opportunities. As the company prepares for its next wave of market entries, Q4 will serve as a pivotal launchpad for an even more ambitious 2025, setting the stage for continued growth and global leadership.
For more information, visit www.NewCoCapitalGroup.com.
Contact:
NewCo Capital Group
Email: [email protected]
Website: www.NewCoCapitalGroup.com
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Fintech PR
Zulu Ecosystems and Severn Trent Water secure Innovate UK funding to pioneer catchment-scale Nature-based Solutions
- Partnership aims to develop innovative funding model for nature-based solutions that enhance water resilience in the Idle and Torne catchment, a priority area for environmental improvement
- Project will aggregate supply and demand for ecosystem services across the 1,200km2 catchment, benefiting both nature and local communities
- Led by Zulu Ecosystems, the collaboration seeks to accelerate private investment in nature recovery while addressing critical water challenges
LONDON, Sept. 18, 2024 /PRNewswire/ — Zulu Ecosystems and Severn Trent Water have been awarded funding from Innovate UK, the UK’s innovation agency, for a £580,000 project to develop a groundbreaking catchment system operator model for unlocking private investment in nature. The project aims to enhance water resilience and deliver multiple benefits for both nature and local communities in the Idle and Torne River catchment.
The Idle and Torne catchment, identified as a priority catchment by the Environment Agency, faces significant challenges including drought risk, flood vulnerability, and water quality issues. Approximately 60% of water bodies in the catchment currently fail to meet good ecological status. However, the area also presents substantial opportunities for nature recovery, with potential to restore over 5,000 hectares of priority habitats and significantly improve water resources management.
This innovative partnership will leverage Zulu Ecosystems’ cutting-edge natural capital assessment capabilities and Severn Trent Water’s expertise in water management to create a scalable approach for funding and delivering nature-based solutions. The project will focus on interventions such as woodland creation, wetland restoration, and riparian woodland to address the catchment’s pressing environmental challenges. The project will engage local stakeholders, including farmers, landowners, and community groups, to ensure that interventions reflect local needs and knowledge.
Ed Asseily, CEO of Zulu Ecosystems, said:
“This funding from Innovate UK is a game-changer for how we approach local nature recovery and water resilience. By developing a catchment-scale model that aggregates both the supply of and demand for ecosystem services, we can accelerate the flow of private capital into nature-based solutions.”
Severn Trent Water will play a key role as the project’s System Operator, strategically coordinating plans and aligning stakeholder priorities to maximise outcomes for water services and the environment.
Richard Smith, Strategic Asset Planning Manager at Severn Trent Water, commented:
“We’re excited to partner with Zulu Ecosystems on this transformative project. By adopting a system operator approach, we can ensure that investments in nature-based solutions deliver the greatest possible benefits for our customers, local communities, and the environment.”
This project has been funded by Innovate UK as part of the ‘Integrating Finance and Biodiversity for a Nature Positive Future’ programme, a joint initiative between the Natural Environment Research Council (NERC) and Innovate UK. This £7 million programme aims to develop solutions that embed the values of biodiversity into financial decision-making.
By bridging the gap between nature recovery and water resilience, this project has the potential to create a replicable model for sustainable landscape management across the UK. Innovate UK’s support underscores the national significance of developing new approaches to environmental management that can deliver multiple benefits, including improved water security, enhanced biodiversity, climate resilience, and potential new income streams for landowners.
Over the next 9 months, the project team will work closely with local stakeholders to identify priority interventions and develop a portfolio of investable nature-based solutions. The project aims to demonstrate how multi-stakeholder nature-based projects can be developed, funded, and delivered at catchment-scale to address climate adaptation and reverse biodiversity loss. Findings will be published to help scale similar initiatives across the UK and beyond.
For more information, please contact:
[email protected]
[email protected]
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