TH Real Estate’s Cityhold Office Partnership (CHOP) has formed a new €1 billion ($1.23 billion) partnership with EDGE Technologies, a new technology property company launched by OVG Real Estate in January this year.
“The new partnership is fully in line with Cityhold Office Partnership’s strategy to collaborate with the best developers in Europe to access high-quality office space in our major markets,” said Jasper Gilbey, fund manager, Cityhold Office Partnership, TH Real Estate. OVG has proven experience in building the future intelligent office properties with high standards of sustainability and smart technology, and we look forward to working with EDGE Technologies to expand this venture to more than €1 billion in the next few years.”
The new strategic partnership aims to increase the value of the portfolio over the next three to five years. EDGE Technologies will own 10 percent of the assets and TH Real Estate will be the investment manager.
CHOP was created in 2015 and is managed by TH Real Estate, on behalf of the U.S. financial services group TIAA and Sweden’s AP1 and AP2.
As part of the venture, CHOP acquired EDGE Olympic in Amsterdam and EDGE Grand Central in Berlin The value of the office assets totals approximately €200 million ($247 million).
EDGE Olympic is located in the central business district of Amsterdam and totals approximately 120,000 square feet of office space in Aläge.
EDGE Grand Central is located in the Europacity district, a new office area in the heart of Berlin. The district is located at Berlin’s main train station, the Berlin Hauptbahnhof, which is a regional and international train station with direct connection to the subway system. The EDGE Grand Central property will offer total 209,000 square feet and is expected to be completed in the fourth quarter of 2019.
