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Cityhold Office Partnership and EDGE Technologies announce €1 billion strategic partnership

EDGE Grand Central, Berlin

TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP), has completed the acquisition of EDGE Olympic in Amsterdam from EDGE Technologies, a new technology real estate company founded by Coen van Oostrom.

CHOP has additionally committed to acquire EDGE Grand Central in Berlin, a prime office asset which is due to complete in Q4 2019. Together the assets total €200m and will deliver 35,000 sq m (376,736 sq ft) of prime office space.

The new strategic partnership plans to grow the portfolio to €1 billion in the next three to five years, with EDGE Technologies retaining a minority co-investment stake, whilst TH Real Estate will act as the investment manager.

Located in the South Axis, the modern CBD of Amsterdam, EDGE Olympic is a highly sustainable, high-tech redevelopment. It provides 12,504 sq m (134,591 sq ft) of Grade-A office and ancillary accommodation over five floors and 100 underground car parking spaces at basement level. The building will target BREEAM Excellent and WELL Gold certifications.

EDGE Grand Central is located in the Europacity district, a new urban office quarter in the heart of Berlin. It is concentrated around Berlin's primary train station, Berlin Hauptbahnhof, which acts as a regional and international train station and key connection to the underground network. EDGE Grand Central will provide 22,774 sq m (245,137 sq ft) of Grade-A office, retail and ancillary accommodation over nine floors with 80 basement car parking spaces. Scheduled for delivery in Q1 2020, the building will target a DGNB Platinum rating with a minimum of Gold.

Coen van Oostrom, Founder and CEO of EDGE Technologies, said: "I'm truly delighted to announce this partnership with TH Real Estate, a leading investor in a sustainable world that shares our vision of smarter buildings and healthier workspaces. This collaboration is a powerful testament to our shared commitment to create positive social, economic and environmental impact in major cities worldwide."

Jasper Gilbey, Fund Manager, Cityhold Office Partnership, TH Real Estate, added: "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. OVG have a proven track record of building intelligent future-proofed office properties benefitting from high sustainability standards and smart technology and we look forward to working with their new venture, EDGE Technologies, to scale this venture to over €1 billion in the short-term."

Launched in January 2018, EDGE Technologies specialises in the development and management of latest generation buildings that will meticulously capture data in order to optimise the user experience and the building’s environmental performance. Both EDGE Olympic and EDGE Grand Central will be part of the new EDGE Technologies portfolio and the ambition is to expand this venture globally in the coming years. EDGE Technologies' vision is well aligned with TH Real Estate’s Tomorrow’s World approach, which includes the company's commitment to reduce energy intensity of its portfolio by 30 percent by 2030.

CHOP is a pan-European office vehicle managed on behalf of TIAA and AP1 and AP2. It was launched in 2015 and targets both core and value-add office investments in Tier 1 cities across Europe such as London, Paris, Munich, Hamburg, Frankfurt, Berlin, Madrid, Milan and Amsterdam, among others.

TH Real Estate were advised by Knight Frank and NL Real Estate.


Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH 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.
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