Nuveen Real Estate has agreed to provide a €35m senior secured loan to Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, to finance the acquisition and construction of One Helix, a state-of-the-art life science asset in Amsterdam.
The asset is a 5-storey office and laboratory building in southeast Amsterdam, pre-let to Neogene.Once completed, it will provide a 5,155m2, five-storey, office and laboratory building in the south-east of Amsterdam within the medical cluster surrounding the Amsterdam University Medical Center.
The development by UNStudio is designed to meet the highest sustainability standards and Amsterdam UMC's ESG goals. It will be BREEAM "Outstanding" and BENG 2 certified. The facility will be supplied with geothermal heating and cooling and PV panels on the roof for electricity, supporting carbon negative operations.
Caroline Pellmann, Senior Director at Nuveen Real Estate, said: “The real estate debt market is still very competitive in the right geographies and sectors, so we are pleased to have partnered with Breakthrough Properties and Tishman Speyer to finance this state-of-the-art life sciences development. We are proud to be working with such highly experienced sponsors specialising in the life science space and we look forward to the next steps of this development.”
Tom Renn, Senior Vice President for Acquisitions and Development for Europe, at Breakthrough Properties, added: “Our ongoing collaboration with the Amsterdam University Medical Center and Neogene is emblematic of Breakthrough Properties’ commitment to supporting cutting edge science while also delivering top-quality, sustainable environments. We are grateful to the team at Nuveen Real Estate for helping us turn our vision for this facility into reality.”
Nuveen Real Estate was advised by Greenberg Traurig for legal advice and JLL for valuations. Drees & Sommer will act as the technical advisor and project monitor for the development.
Image provided by Pexels.
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