Nuveen Real Estate has bought the EDGE Grand Central office asset in Berlin on behalf of its Cityhold Office Partnership (CHOP) following a previously agreed deal.
In April 2018, CHOP formed a €1bn strategic partnership with real-estate technology firm EDGE Technologies.
As part of the venture, CHOP acquired EDGE Olympic in Amsterdam from EDGE and also agreed to buy EDGE Grand Central Berlin, a building which was at the time scheduled to complete in the fourth quarter of 2019. The assets were worth €200m in total and will deliver 30,000sqm of office space.
Nuveen said it has now completed the acquisition of the fully-let 20,000sqm office property located next to Berlin Hauptbahnhof.
Jasper Gilbey, CHOP fund manager at Nuveen Real Estate, said: “The EDGE Grand Central Berlin asset provides the CHOP venture with access to a fully let, best-in-class and future-proofed office asset located in a prime sub-market of Berlin.
“The asset also benefits from market-leading sustainability and wellbeing credentials – a core investment requirement – with the added benefit of EDGE’s innovative smart technology pack.
“In this context, Grand Central Berlin is a great fit for CHOP and we will continue to look for new opportunities as we seek to grow the venture – with a continued focus on Germany in the short-term.”
Martin Rodeck, executive MD of EDGE Germany, said: “As the first EDGE asset in Germany, EDGE Grand Central Berlin is an outstanding showcase of our ambition to bring better buildings to the world.”
CHOP, was created in 2015 and managed by Nuveen Real Estate to target European core assets, on behalf of the US financial services group TIAA and Sweden’s AP1 and AP2.
The partnership’s portfolio includes 70 St Mary Axe in the City of London, 36 rue La Fayette in Paris and Burstah Offices in Hamburg. In addition, the partnership is currently developing the Morland Mixité mixed-use project in Paris.
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