Asset manager Nuveen has acquired a multi-tenanted business park in Germany for €40m on behalf of its global fund for professional wealth investors.
The fund manager said it acquired the fully-let Munich-LEN asset in Ismaning for its US$3.1bn (€2.63bn) global cities real estate strategy.
The fund targets diversified, income-generating real estate “across the world’s most dynamic and resilient urban centres”, Nuveen said, and the latest deal represents its first direct investment in Germany and its first directly owned industrial asset in Europe.
Nuveen’s global cities real estate strategy’s portfolio now comprises 126 properties across the US, Asia-Pacific and EMEA, including five single-family housing estates in Copenhagen encompassing 110 homes.
Jeff Carlin, global head of wealth and retirement advisory services at Nuveen, said: “As we continue to expand our alternatives platform across EMEA and Asia-Pacific, we remain focused on providing access to high-conviction, income-generating strategies that have historically been the preserve of large institutional investors.
“The global cities real estate strategy is a compelling platform through which wealth clients can access diversified, global real estate exposure managed by one of the world’s leading real estate platforms.”
Richard Kimble, portfolio manager of the global cities real estate strategy, said: “Munich-LEN is a high-quality asset that we believe offers investors excellent income return potential, underpinned by a resilient, diversified tenant base operating in one of Germany’s most prosperous and economically vibrant regions.
“This acquisition reflects our continued conviction in well-located, flexible industrial assets that can deliver durable income across market cycles.”
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