Nuveen Real Estate has raised a further €50m for its latest European logistics strategy and acquired its first asset.

The real estate investment manager said it has now raised over €300m from a number of German institutional investors on behalf of the new strategy and already plans to commit €150m to deals.

Nuveen Real Estate has invested in the Netherlands to buy an 18,000sqm warehouse which forms part of a wider portfolio in Weert, with the purchase of the second asset due to complete later this year.

The manager said the asset has been purchased on a sale and leaseback agreement with GVT Group of Logistics, on a 10-year letting.

Daan Van der Veen, investment manager for Nuveen Real Estate, said: “We are delighted to have been able to finalise the first acquisition for our latest European logistics strategy, with this well-positioned, recently developed asset.

“Its high-quality and secure tenant covenant should help us to provide good returns for our investors in the years to come.”

Tim Hennes, fund manager for Nuveen Real Estate, said: “It is fantastic to have seen so much investor interest for our latest European logistics strategy following the success of its predecessor, through which we were able to acquire 21 high-quality assets across key European industrial locations.

“We are expecting to see continued activity due to the ongoing need for logistics properties across the continent, which has only been exacerbated by the pandemic. In particular, we anticipate cold storage and last-mile hubs proving most popular.”

To read the digital edition of the latest IPE Real Assets magazine click here.