Nuveen Real Estate has raised a further €45 mln for its European logistics platform, bringing total equity raised by the fund to nearly €350 mln.
The latest capital has been raised from a number of German institutional investors, with the majority having invested into Nuveen Real Estate’s logistics platform previously.
The fund - Nuveen's sixth European logistics strategy - has allocated a third of its target GAV across assets in the Netherlands, Germany, Italy, Spain and France. Focusing on creating a diversified portfolio of assets across core countries, the strategy is targeting high quality, modern logistics properties that are suited to all industrial uses, as well as inner-city distribution centres (last mile).
Thorsten Kiel, head of European Logistics for Nuveen Real Estate, commented: 'We are very pleased to have seen further capital commitments to our latest European logistics strategy. We continue to firmly believe in the sector given the ongoing strong interest from investors in Europe looking to capitalise on the increased need for logistics properties across the continent, which has only been exacerbated by the pandemic. Looking ahead, we anticipate seeing fierce competition for best-in-class industrial properties across Europe and we believe that this increased level of capital and strong track record in managing logistics assets should best position us to seize these opportunities.'
Nuveen’s European industrial AUM currently sits at €3.7 bn, including both equity and debt.
