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 property, comprising a total area of approximately 14,000m² 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.
Linus Nilsson, Director, Cityhold Office Partnership, Nuveen Real Estate, commented: “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. €2bn 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.”
CHOP selected ING as an 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, said: “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.”
