The Cityhold Office Partnership and EDGE Technologies announce €1bn strategic partnership

The Cityhold Office Partnership and EDGE Technologies announce €1bn strategic partnership

TH Real Estate, on behalf of the Cityhold Office Partnership (CHOP), has completed the acquisition of 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 Q1 2020. Together the assets total c.€200m by value and will deliver c.35,000 sq m of prime office space.  

The new strategic partnership plans to grow the portfolio to €1bn in the next three to five years, with EDGE Technologies retaining a minority co-investment stake, whilst TH Real Estate will act as the investment manager.

Located in The South Axis, the modern CBD of Amsterdam, EDGE Olympic is a highly sustainable high-tech redevelopment. It provides 12,504 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 Hauptbahnhof, which acts as a regional and international train station and key connection to the underground network. EDGE Grand Central will provide 22,800 sq m of Grade A office, retail and ancillary accommodation over nine floors with 80 basement car parking spaces. Scheduled for delivery in Q1 2020, the building will target a DGNB Platinum rating with a minimum of Gold.

Coen van Oostrom, Founder and CEO of EDGE Technologies, said: “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, added:“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 venture, EDGE Technologies, to scale this venture to over €1bn in the short-term.”

Launched in January, EDGE Technologies specialises in the development and management of latest generation buildings that will meticulously capture data in order to optimise the user experience and the building’s environmental performance. Both EDGE Olympic and EDGE Grand Central will be part of the new EDGE Technologies portfolio and the ambition is to expand this venture globally in the coming years. EDGE Technologies’ vision is well aligned with TH Real Estate’s Tomorrow’s World approach, which includes the company’s commitment to reduce energy intensity of its portfolio by 30 percent by 2030.

CHOP is a pan-European office vehicle managed on behalf of TIAA and AP1 and AP2. It was launched in 2015 and targets both core and value-add office investments in Tier 1 cities across Europe such as London, Paris, Munich, Hamburg, Frankfurt, Berlin,Madrid, Milan and Amsterdam, among others.