Nuveen snaps up Dutch logistics project

The European investment manager, which earlier this year opened its first Dutch office in Amsterdam, has bought a 27,000 m2 industrial hub currently under construction, and due to be finished in mid-2021.

Upon completion the asset will be fully let on a 10-year lease to a European warehousing and distribution provider, Allround Cargo Handling. The property is being built to a high specification to suit the tenant business and will achieve BREEAM certification, together with electric vehicle charging points and the provision for solar panelling, highlighting key sustainability credentials.

Nuveen Real Estate currently has €1.6 bn of assets under management across the Netherlands.

‘The Netherlands, and Ridderkerk in particular, is often seen as being one of the most important logistics locations in Europe due to its proximity to key ports, road and rail links across the continent,’ said James Ellis, senior investment manager at Nuveen Real Estate. ‘With this most recent purchase, we have been able to secure a state-of-the-art logistics hub with a strong tenant covenant, which we expect to benefit from its highly-accessible location and in turn provide strong returns for our investors.’

Edwin Roos of Allround Cargo Handling added: ‘Our services for the nuts and dried fruits industry are a great fit with the new location and will give Allround Cargo Handling the opportunity for further growth of its food logistics division. The proximity to the ports of Rotterdam and Antwerp, and the central location in the Dutch Fresh Port, will give us the advantage to strengthen our position further as the best logistics company for nuts and dried fruits.’
 
Nuveen Real Estate was advised by CMS (legal) and Hollis (technical and environmental). NXR Vastgoed/Allround Cargo Handling was advised by Plot Real Estate (commercial), U-build (technical and environmental) and Borsboom & Hamm (legal).