Nuveen Real Estate is investing €167m to buy last-mile logistics assets in France.
The $144bn (€124bn) real estate investment manager said it has invested €135m to buy three portfolios comprising 17 properties and has agreed to buy a further four assets next year for €32m.
Nuveen said the total gross area of all properties will be around 100,000sqm.
Luc Merigneux, investment director France at Nuveen Real Estate, said: “We are delighted to have acquired these state-of-the-art last-mile logistics opportunities in a sector which continues to remain defensive.
“It strengthens our growing portfolio and underlines our commitment to the French market as one of the biggest last mile investors in the country. Going forward, we are continuing to look for new opportunities in the logistics market in France.”
To read the digital edition of the latest IPE Real Assets magazine click here.