Fri, 20/04/2018 - 10:05
TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP), has completed the acquisition of the EDGE Olympic in Amsterdam from EDGE Technologies, a new technology real estate company founded by Coen van Oostrom.
CHOP has additionally committed to acquire EDGE Grand Central in Berlin, a prime office asset which is due to complete in Q4 2019. Together the assets total circa EUR200 million by value and will deliver circa 30,000 sq m of prime office space.
The new strategic partnership plans to grow the portfolio to EUR1 billion in the next three to five years, with EDGE Technologies retaining 10 per cent ownership of the assets, whilst TH Real Estate will act as the investment manager.
Located in The South Axis, the modern CBD of Amsterdam, EDGE Olympic is a high-tech and highly sustainable redevelopment. It provides 11,117 sq m of Grade A office and ancillary accommodation over five floors and 100 underground car parking spaces at basement level. The building will target BREEAM Excellent and WELL Gold certifications.
EDGE Grand Central is located in the Europacity district, a new urban office quarter in the heart of Berlin. It is concentrated around Berlin’s primary train station, Berlin Hauptbahnhoff, which acts as a regional and international train station and key connection to the underground network. EDGE Grand Central will provide 19,416 sq m of Grade A office, retail and ancillary accommodation over nine floors with 80 basement car parking spaces. Scheduled for delivery in Q4 2019, the building will target a DGNB Platinum rating with a minimum of Gold.
Coen van Oostrom, CEO and founder of both EDGE Technologies and OVG Real Estate, says: “I’m truly delighted to announce this partnership with TH Real Estate, a leading investor in a sustainable world that shares our vision of smarter buildings and healthier workspaces. This collaboration is a powerful testament to our shared commitment to create positive social, economic and environmental impact in major cities worldwide.”
Jasper Gilbey, Fund Manager, Cityhold Office Partnership, TH Real Estate, adds: “This exciting new venture is fully consistent with the Cityhold Office Partnerships strategy of partnering with best-in-class developers on the Continent to access high quality office product in core markets.
“OVG have a proven track record of building intelligent future-proofed office properties benefitting from high sustainability standards and smart technology and we look forward to working with their new platform, EDGE Technologies, to scale this venture to over EUR1bn in the short-term.”
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