TIAA, AP1 and AP2 partnership in new venture with EDGE Technologies
The Cityhold Office Partnership (CHOP), which seeks to double its portfolio to €4bn over the next five years, has formed a new partnership with EDGE Technologies.
CHOP, created in 2015 and managed by TH Real Estate to target European core assets, on behalf of the US financial services group TIAA and Sweden’s AP1 and AP2, has formed a €1bn strategic partnership with EDGE Technologies.
As part of the venture, TH Real Estate has acquired EDGE Olympic in Amsterdam from the real estate technology company owned by OVG Real Estate.
CHOP will also buy EDGE Grand Central in Berlin, an office asset which is due to complete in the fourth quarter of 2019.
Together the assets total €200m by value and will deliver 30,000sqm of office space.
The new strategic partnership plans to grow the portfolio to €1bn in the next three to five years, with EDGE Technologies retaining 10% ownership of the assets, whilst TH Real Estate will act as the investment manager.
Coen van Oostrom, the CEO and founder of both EDGE Technologies and OVG Real Estate, said: “This collaboration is a powerful testament to our shared commitment to create positive social, economic and environmental impact in major cities worldwide.”
Jasper Gilbey, the fund manager at CHOP, TH Real Estate, said: “This exciting new venture is fully consistent with the Cityhold Office Partnerships strategy of partnering with best-in-class developers on the Continent to access high- quality office product in core markets.