Nuveen Real Estate, on behalf of its European cities fund, has invested €40m to buy the third phase of a Dutch logistics development, having acquired the first two phases last year.
The fund is buying the 43,416sqm Phase III of the fully-leased logistics hub in Venlo, the Netherlands.
The Phase III asset is being developed by Next Level Development. The first unit was built in November 2017, while the second phase completed in July 2018.
Liz Sworn, fund manager at Nuveen Real Estate, said: “The Netherlands is a key target market for logistics assets for our European Cities Fund, due to its impressive connections to a number of key cities and ports.
”We are delighted to have been able to add to our portfolio in Venlo with this third acquisition ensuring continued diversification of the fund for our investors.”
Thorsten Kiel, head of European industrial and logistics at Nuveen Real Estate, said: “Our European logistics portfolio has grown apace throughout the last year, responding to the consistent demand across key locations.
”The high-quality units and the strength of the tenant meant it was a natural choice to further our investment at the centre in Venlo.”
Since its launch in March 2016, the fund has assembled a €1.9bn portfolio of 11 prime assets, including a further two under development.