Global property investor Nuveen Real Estate has acquired Phase III of a logistics hub in Venlo, The Netherlands, on behalf of its European Cities fund for around €40 mln, having acquired the first two phases last year.
The logistics complex, developed by vendor Next Level Development, now comprises over 118,000 m2 of rental space, with the third phase adding an additional 43,416 m2. The first unit was built in November 2017, while the second phase completed in July 2018.
The logistics hub is fully leased, with 14 years remaining, to a leading international retailer as its central e-commerce hub in the strategically-located province of Limburg.
'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,' said Liz Sworn, fund manager at Nuveen Real Estate.
'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,' added Sworn.
Thorsten Kiel, head of European industrial & 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.'
The fund is part of Nuveen Real Estate’s 'resilient' series, with a focus on diversification and long-term capital appreciation, Nuveen said.
Since its launch in March 2016, the fund has assembled a €1.9 bn portfolio of 11 assets, including a further two under development.
Nuveen Real Estate was advised by Loyens & Loeff and Malcolm Hollis, EY, Cording and De Lobel & Partners.
CMS and TLF Real Estate acted for the vendor.
