Linklaters advises TIAA on €625 million sale of 25% interest in Cityhold Office Partnership

Linklaters has advised Teachers Insurance and Annuity Association of America (TIAA), the US investment fund, and Nuveen Real Estate, on the disposal of 25% of its initial interest in Cityhold Office Partnership (CHOP) to CBRE GIP, a provider of indirect real estate investment solutions.

The disposal represents a value of approximately €625 million and amounts to half of TIAA’s 50% stake in CHOP, a pan-European office joint venture. Nuveen Real Estate, the fund management arm of TIAA, will remain as portfolio and asset manager of CHOP which owns a high-quality portfolio of assets across Europe.

The Linklaters team advising on the deal was led by Tom Watkins, London (partner) and Matthew Plaskow, London (Managing Associate).