A €3bn pan-European office joint venture managed by Nuveen Real Estate, on behalf of four investors, has bough an asset in Amsterdam from HighBrook Investors.
The manager said the Cityhold Office Partnership (CHOP) has bought the “renovate-to-core” office building on the Zuidas for an undisclosed sum.
CHOP selected ING as external financier for the acquisition the 14,000sqm office asset which was constructed in the early 1970s.
Nuveen manages the CHOP venture on behalf if investors, including US institutional investor TIAA and Swedish public pension funds AP1 and AP2.
Linus Nilsson, director, Cityhold Office Partnership, Nuveen Real Estate, said: “The acquisition is fully in line with CHOP’s strategy of acquiring buildings in prime locations, with an opportunity to add value through refurbishment or development.”
Nilsson said CHOP has a further €2bn to deploy and will continue to focus on build or renovate-to-core opportunities across Tier 1 European markets that enable the venture to create future-proofed office buildings while targeting enhanced returns for its shareholders.
The transaction represents CHOP’s third acquisition in Amsterdam over the last two years.
The joint venture owns 70 St Mary Axe in the City of London, 36 rue La Fayette in Paris, Burstah Offices in Hamburg and EDGE Olympic in Amsterdam.
It is also committed to two large developments: the Morland Mixité mixed-use project in Paris and EDGE Grand Central in Berlin.
Launched in 2015, the long-term partnership currently targets both core and value-add office investments in cities across Europe.
Earlier this month, TIAA sold half of its 50% stake in the CHOP joint venture for approximately €625m.
No comments yet