Nuveen Real Estate has announced the acquisition of three logistics assets in The Netherlands on behalf of its European logistics platform, for a combined €215 mln.
The first was a high-quality, 48,000 m2 warehouse near Rotterdam. The property is in a well-connected location, which will also be further enhanced by the
construction of an additional motorway, with an intersection planned right next to the logistics hub. The asset is split into two lettable areas, with one currently let to a logistics and transport provider, on a 10-year lease.
The platform has also completed on the final phase of Westfields Logistics in Eindhoven, a 100,000 m2, two phase, industrial development. The new property is
located between the main Dutch ports and is also close to Belgium and Germany.
Finally, following the completion of Phase I in May 2019, the platform has now also finalised the acquisition of Phase II of a logistics asset in Zaltbommel. The property totals 62,000 m2 and is largely occupied by an international logistics operator.
‘The Netherlands represents a key area of growth for our European logistics platform, as it offers excellent connectivity and already benefits from a number of well-established industrial hotspots, as well as the largest port in Europe, and strong occupier demand,’
commented Thorsten Kiel, head of European Logistics for Nuveen Real Estate.
These acquisitions add to the nearly €250 mln Nuveen has already invested in European logistics this year. Earlier this year, Nuveen opened an office in Amsterdam, its first in The Netherlands, to build upon its existing track record across the country.
The opening follows a string of real estate acquisitions across the Dutch market in 2019 and a desire for Nuveen to be better positioned to manage both its existing portfolio and identify new investment opportunities.
Nuveen was advised by Edmond De Rothschild REIM.
