Global investment giant Nuveen Real Estate has acquired a distribution centre project in Apeldoorn, the Netherlands, from local developer VolkerWessels Logistics Development.
Financial details were not disclosed.
The asset, acquired on behalf of Nuveen's European logistics platform, comprises around 25,000 m2 of space and on completion will serve as the new headquarters for Welkoop, a Dutch national retailer. Welkoop said that some 85% of its stores were within a two-hour drive of the facility.
James Ellis, senior investment manager at Nuveen Real Estate, said: 'This development represents another successful transaction with VolkerWessels, strengthening our European logistics platform.
'The asset offers flexible specifications well suited for the long-term growth of Welkoop’s distribution and e-commerce functions. Looking ahead, we continue to target industrial opportunities in core locations across the Netherlands and wider-Europe to further diversify our portfolio and continue to deliver stable returns to investors.'
The latest purchase follows the platform’s acquisition of three logistics units over the last few months, amounting to around €215 mln, following a steady build of the portfolio throughout 2019. Nuveen Real Estate’s logistics AUM in the Netherlands now amounts to close to €500 mln.
Nuveen opened a Dutch office, in Amsterdam, earlier this year to build upon its existing track record across the country and be better positioned to identify new opportunities, the firm said.
Nuveen Real Estate was advised by Van Gool Elburg Vastgoedspecialisten (commercial), Houthoff (legal) and Drees & Sommer (technical).
CBRE (commercial) and Sight (legal) acted on behalf of the seller.
