Nuveen Real Estate has agreed to provide a €35 mln senior secured loan to Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, to finance the acquisition and construction of One Helix, a state-of-the-art life science asset in Amsterdam.
The asset is 100% pre-let to Neogene, a global, clinical-stage biotechnology company pioneering the discovery, development and manufacturing of next-generation engineered T cell receptor (TCR) therapies targeting a broad spectrum of solid cancers, and a wholly-owned subsidiary of AstraZeneca.
Once complete, it will provide a 5,155 m2, five-storey, office and laboratory building in the south-east of Amsterdam within the medical cluster surrounding the Amsterdam University Medical Center (Amsterdam UMC).
The development has been designed by award winning architect UNStudio to incorporate highest sustainability standards and integration with the Amsterdam UMC’s ambitious ESG goals. As such it will hold BREEAM “Outstanding” and BENG 2 certificates for sustainability.
The loan is provided by Nuveen’s European debt strategy, the fourth in the European commercial real estate debt series. It represents the second investment for the strategy following an agreement of €54 mln to finance 3 logistics assets in Berlin for Valor. The strategy was launched in 2022 with €150 mln of initial capital secured from several German institutional investors alongside Nuveen’s parent, TIAA and discloses under Article 8 of the Sustainable Finance Disclosure Regulation.
Caroline Pellmann, senior director at Nuveen Real Estate, said: 'The real estate debt market is still very competitive in the right geographies and sectors, so we are pleased to have partnered with Breakthrough Properties and Tishman Speyer to finance this state-of-the-art life sciences development.'
