Investment manager Nuveen Real Estate has acquired an ensemble of office-led assets in Amsterdam’s historic city centre for €126 mln.
The buildings, known collectively as De Gouden Bocht (The Golden Bend, a reference to Amsterdam's Golden Age) and located on the 17th century Herengracht canal, were purchased on behalf of the Cityhold Office Partnership (CHOP).
The vendor has not been named.
The complex of 16 assets – dating mostly from the 17th century - has a total lettable area of 15.525 m² and includes an underground car park with 34 spaces. Tenants include Werkspot, Expedia, AKQA, Euroclear en Fabienne Chapot.
Nuveen director Jasper Gilbey said the buildings provided opportunities for active asset management to enhance their value and further diversify CHOP’s portfolio.
Last year, Nuveen bought the Edge Olympic in Amsterdam, a high-tech, sustainable redevelopment in the South Axis business district, for CHOP, as part of a strategic partnership with Edge Technologies, the innovative office development subsidiary of Amsterdam-based OVG Real Estate.
At the launch of the venture in April 2018, Gilbey said it was ‘fully consistent with the Cityhold Office Partnership’s strategy of partnering with best-in-class developers on the continent to access high quality office product in core markets’.
The partnership plans to grow the portfolio to €4 bn in due course, with Edge Technologies retaining 10% ownership of the assets, and Nuveen acting as the investment manager.
Tier 1 cities
CHOP will continue to scout best-in-class office investments in Tier 1 cities in Europe such as Paris, Berlin, Madrid and Amsterdam. Other purchases by the fund besides the Edge Olympic and Gouden Bocht in Amsterdam include the Morland in Paris and the Edge Central in Berlin.
CHOP was advised on the Gouden Bocht deal by CMS on the legal side, E&Y on financial matters, Arcadis (technical expertise) and NL Real Estate – Knight Frank (commercial). NL Asset Management has been appointed local asset manager for the complex.
The vendor was advised by Global Equity Management and IMV (commercial affairs), and PYGG and VAD on the legal side.