Closed Fund

Cityhold Office Partnership

A leading pan-European office investment platform focused on core investments in Tier 1 cities.

Key facts

Target sector Office
Fund structure Joint venture
Currency Euro
Fund value €1.8bn (c.$1.9bn)
No. of assets 13
Fund Manager Jasper Gilbey
Investment strategy The portfolio, which is managed on behalf of the TIAA General Account and the Swedish National Pension Fund system's AP1 and AP2 funds, comprises 215,000 sq m of core office space across the UK, France and Germany. It consists of 13 assets and includes landmark assets, such as 12-14 New Fetter Lane in London, Tour Areva in Paris, and Atlantic Haus in Hamburg.

The venture has commenced an active investment programme, with new capital from the TIAA General Account, AP1 and AP2, targeting an additional c.€2bn of investment over the next three years. It is primarily targeting core investments in Tier 1 cities such as London, Paris, Munich, Hamburg, Frankfurt and Berlin. Additionally, the investment programme may invest in value-add opportunities such as leasing, renovation and development opportunities in Tier 1 cities, or stabilised core investments within Tier 2 cities, that include Madrid, Milan and Amsterdam, among others.

Global Real Estate Sustainability Benchmark (GRESB)

The Fund achieved 'Green Star' status in its inaugural year of participation and beat its peer group average in 6 out of 7 benchmark aspects. The Fund achieved a score of 96/100 for its sustainability management programme and a score of 93/100 for its ability to manage sustainability risks and maximise opportunities.

Note: Target returns are not guaranteed and past performance is not a guide to future performance.
Source: TH Real Estate, December 2016.

Jasper Gilbey

Jasper Gilbey

Fund Manager

Jasper's biography
This joint venture represents a great opportunity to merge global expertise in the office sector, with a common approach to value creation. We are strategically aligned with TIAA, AP1 and AP2 in their ambitions to create long-term value from this platform, which we are committed to growing significantly over the next few years. We are proud to be managing and advising the platform on behalf of these market leading investors.
Jasper Gilbey

Jasper Gilbey

Head of Business Space, TIAA European Investment

With over 11 years’ of pan-European investment experience, Jasper is responsible for the management of the Cityhold Office Partnership which he was instrumental in setting up in October 2015. He is focused on deploying the c.$1.1bn of equity committed by the shareholders on inception to grow the venture to $4.4bn+ over a three-year horizon.

+442037278166 More about Jasper
Linus Nilsson

Linus Nilsson

Associate Investment Manager, General Account

As Associate Investment Manager, General Account, Linus provides extensive analytical expertise, and along with his colleagues in the JV team, he is responsible for all aspects of running the venture, including acquisitions, disposals, annual forecasting and long-term strategy. He is based in Stockholm and has over six years of real estate experience.

+46850252127 More about Linus
Steven Richards

Steven Richards

Finance Manager

Steven is Head of Finance for the Cityhold Office Partnership (CHOP) and has 14 years’ experience within real estate finance. He manages the CHOP finance team of seven people based in London and Luxembourg, and his main responsibilities include fund structuring, advising on acquisitions and disposals, debt financing and corporate governance.

+442037278196 More about Steven
Peter Neal

Peter Neal

Senior Portfolio Manager

With over 11 years’ experience, Peter specialises in the Central London office investment market. He joined the company in 2010 to work in the Central London Office team, where he is now responsible for the investment and asset management function for the London component of the Cityhold Office Partnership.

+442037278173 More about Peter
Jonathan Smith

Jonathan Smith

Investment Associate

Jonathan is an Analyst, specialising in acquisitions and asset management of the venture's UK assets. He is also involved with the financial management and investment operations of its European assets.

+442037278250 More about Jonathan
Thilo Wagner

Thilo Wagner

Fund Director

Thilo is responsible for the asset management, acquisition and sale of assets in Germany. He is Fund Manager of the Core German Retail Fund, a $330m retail warehouse fund for German insurance companies and pension funds, and oversees both the investment pipeline and client relations of the German retail warehouse franchise.

+4969667736865 More about Thilo
Matthias Boehm

Matthias Böehm

Portfolio Manager

Matthias manages the venture's letting, development and operational activities for its German assets. He works closely with third parties such as property managers, lawyers, lending banks and various external consultants.

+4969667736840 More about Matthias
Sebastien Huet

Seb Huet

Portfolio Manager

With 10 years’ real estate experience, Sebastien specialises in acquisition, asset management and disposal activities for the venture within France.

+33173000819 More about Seb
Andy Schofield

Andy Schofield

Director of Research

Andy has over 16 years of experience in real estate research. He advises fund managers on acquisitions, disposals and developments, with particular responsibility for the office sector across all markets.

+442037278203 More about Andy
Lindsay Walker

Lindsay Walker

Assistant Investment Manager

Lindsay is an Assistant Investment Manager for the TIAA General Account, coordinating the quarterly investment reporting for the real estate team. She also supports the team on new developments and acquisitions.

+442037278016 More about Lindsay