CBRE, an American commercial real estate services and investment firm, completed the acquisition of a 50% stake in Cityhold Office Partnership, a pan-European office venture managed by Nuveen Real Estate, from Teachers Insurance and Annuity Association of America for €625m. "The fundamentals for prime office markets in European gateway cities remain strong with favourable leasing dynamics driving rental growth. The recapitalisation of the CHOP venture represents a rare opportunity to access a high quality and sustainable, in-place European office portfolio, alongside like-minded capital partners. This transaction is in-line with CBRE GIP’s investment strategy of executing in scale within market segments which we believe are well placed to deliver attractive returns to our investors," Ian Gleeson, CBRE Global Investment Partners CEO.