Nuveen selects Amsterdam office for flagship fund

Nuveen Real Estate's Cityhold Office Partnership (CHOP) has acquired an office building in Amsterdam in a share deal from US private equity player HighBrook Investors.

Financial details were not disclosed.

The building at Prinses Irenestraat 59 is situated in the middle of the Zuidas, Amsterdam's business district, and close to Amsterdam Zuid station.

Comprising office space of 14,000 m2, the asset is one of the last potential renovation projects in the area within walking distance of the train station, according to Nuveen. The building was built in the early 1970s.

This is the third building that CHOP has purchased in Amsterdam, after EDGE Olympic and the Gouden Bocht.

CHOP director Linus Nilsson said: 'The acquisition is entirely in line with CHOP's strategy of buying buildings in prime locations that can be added value through renovation or development.

'CHOP has about €2 bn left to invest and will continue to focus on building or fully renovating buildings in the top segment of the European market, where we can realise future-proof office buildings that provide a high return for our shareholders.'

Developer G&S Vastgoed advised Nuveen Real Estate about the asset's renovation potential.

CHOP is a pan-European office venture managed by Nuveen Real Estate on behalf of four investors, including TIAA and AP1 and AP2.

Earlier this month, TIAA sold-down half of its initial 50% interest in the venture to CBRE Global Investment Partners (CBRE GIP), in a €625 mln deal.

 

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