Nuveen Real Estate has raised a further €45 million for its European logistics platform.
The sixth European logistics strategy for the firm has now raised nearly €350 million and has allocated a third of its target GAV across assets in the Netherlands, Germany, Italy, Spain and France.
Nuveen said the latest fundraising underpins the continued demand for industrial assets from institutional investors.
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.
Focusing on creating a diversified portfolio of assets across core countries, including Germany, France, Spain, Italy and the Netherlands, as well as additional European locations, 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 billion, including both equity and debt.