Nuveen Real Estate has purchased five logistics assets across Norway, Germany, Spain and the United Kingdom.
Nuveen said the acquisitions represent an overall investment of close to €150 million with the total gross area spanning 89,271 sqm (960,905 sq ft).
All but one of the assets acquired are fully leased to top tenants on a long-term basis.
Thorsten Kiel, Head of Industrial and Logistics, Europe at Nuveen Real Estate, comments: “These latest acquisitions underline our approach to the European logistics market, which remains incredibly competitive as investors continue to seek value. We are therefore delighted to have acquired these assets which we believe represent some of the key factors we are looking for in the sector. These include high quality, fit for purpose spaces in well connected, strategic locations for the regions they serve as well as the potential for development and extension at some of the assets.”
Norway: Nuveen Real Estate acquired a portfolio of two fully let high quality warehouse properties in strong micro locations in Oslo and Bergen, respectively. These latest acquisitions take Nuveen’s investment into the logistics market in Norway to over €100m in the last twelve months. The assets cover 28,710 sqm (309,032 sq ft) of lettable space and both properties have recently undergone improved energy efficiency measures and will shortly be installed with solar panels.
Germany: Nuveen Real Estate acquired a modern and flexible asset in Rinteln from the developers Peper & Sander, approximately 60km (37 miles) southeast of Hanover. The asset offers 33,533 sqm (360,946 sq ft) of logistics space meeting a high environmental standard with a flexible layout of three rental units, all of which are fully let. Nuveen was supported by Graf von Westphalen (LDD), Ernst & Young (Tax), TheGreenBlue (ESG DD), orange recon (TDD) and Nova-Ambiente (EDD). Robert C. Spies Industrial Real Estate supported on the strong lettings at the asset.
Spain: Nuveen Real Estate acquired a Turnkey project with Catella Logistics Europe in Sant Feliu de Buixalleu (Gerona), approximately 70km north of Barcelona. The site will be developed over 2022 to provide 21,774 sqm (234,373 sq ft) of logistics space meeting high environmental standards. The asset is strategically located in proximity to the French border and is let to a local 3PL provider allowing access to customers across Europe. Perez Llorca, Hill International and EHS Techniques acted as service providers for Nuveen Real Estate.
United Kingdom: Nuveen Real Estate acquired Citylink Industrial Estate, a prime, modern industrial estate within three miles of Glasgow city centre. The property comprises 5,254 sqm (56,550 sq ft) configured as ten warehouse units which is multilet to five tenants. The asset has been extensively refurbished by the previous owner and offers excellent near-term performance prospects with further capital investment
potential to enhance its ESG credentials and provide robust sustainable income over the long term. Citivale and CBRE jointly advised Nuveen Real Estate.