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Nuveen Real Estate’s Cityhold Office Partnership acquires office asset in Amsterdam from HighBrook Investors

Picture of office asset in Amsterdam
  • Cityhold Office Partnership (“CHOP”) acquires ‘renovate-to-core’ office building on the Zuidas, Amsterdam
  • The transaction represents CHOP’s third acquisition in Amsterdam over the last two years.
Nuveen Real Estate’s Cityhold Office Partnership (CHOP) has acquired an office building from HighBrook Investors. The property is located at the Prinses Irenestraat 59 on the Zuidas of Amsterdam’s Central Business District, within close proximity to Amsterdam Zuid rail station.

The office property, comprising a total area of approximately 14,000 sq m (c. 150,700 sq ft) is one of the last potential redevelopment sites on the Zuidas, Amsterdam. The asset was constructed in the early 1970s and now presents a value-add opportunity in an excellent location.

The property represents the third acquisition in Amsterdam for CHOP, following EDGE Olympic, also positioned on the South Axis, and Golden Bend (“Gouden Bocht”), located in the Canal District.

Cityhold Office Partnership is a pan-European office venture managed by Nuveen Real Estate on behalf of four investors, including TIAA and AP1 and AP2. Launched in 2015, the long-term partnership has strong growth ambitions and is currently targeting both core and value-add office investments in Tier 1 cities across Europe, including Paris, Berlin, Frankfurt, Amsterdam, Madrid, Milan and London.

Linus Nilsson, Director, Cityhold Office Partnership, Nuveen Real Estate, comments: “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. This is our third acquisition in Amsterdam over the last two years as we seek to capitalise on strong market fundamentals – driven by tight supply, strong occupier demand and an increasingly global investor base.

“CHOP has a further c. €2 billion 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 our shareholders.”

To date, the partnership has assembled a high-quality portfolio of assets across Europe, with a strong focus on sustainability and smart technology. The partnership’s assets include 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 committed to two high-profile developments – the Morland Mixité mixed-use project in Paris and EDGE Grand Central in Berlin.

CHOP selected ING as external financier for this latest acquisition due to their long-standing relationship, which includes financing of the vehicle’s holdings in continental Europe as well as the UK.

Arie Hubers, Head of ING WB Real Estate Sector Benelux, says: “This transaction highlights the strength of our valued relationship with Cityhold Office Partnership across regions and perfectly fits ING’s strategy to enhance sustainability in real estate as it will transform existing stock into a sustainable and future-proof landmark.”

Nuveen Real Estate was advised by Van Gool Elburg Vastgoedspecialisten and CMS. G&S Vastgoed will act as local partner for future development of the asset.

Seller HighBrook Investors has been commercially advised by Cushman & Wakefield and its asset manager Breevast, and legally by Loyens Loeff.
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This press release is intended for trade press only. Please do not redistribute.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.

Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.

Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.