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Nuveen Real Estate continues to bolster logistics platform with latest purchase in Ulm, Germany
The property comprises a total size of c.23,000 sq m (248,000 sq ft) and is currently let to a home and garden products wholesaler and a transport company on a long-term basis. The asset was acquired from project developer May & Co.
With its convenient location on the A8 Stuttgart-Munich motorway and a neighbouring loading terminal, the area offers ideal conditions for high-performance logistics. The industrial complex has also benefitted from extensive road reconstruction around the site, which has allowed the hub to successfully expand in recent years.
Christian Sliwa, Investment Manager at Nuveen Real Estate, comments: "This property is well located between the two logistics hotspots of Munich and Stuttgart. It is a strategic addition for our portfolio, which consists of other modern industrial properties in established locations. We expect the German logistics sector to continue its positive development. We offer our investors high-quality industrial assets with secure rental income across Europe.”
Stefan Harder, Managing Director of May & Co. Development, adds: "The property distinguishes itself particularly by its ideal location and strong tenant structure. It further meets the high standards of a modern logistics centre. Having successfully developed the new building, we are pleased to have found a well-known investor for the further operation of the project in Nuveen Real Estate."
Nuveen Real Estate was advised on the acquisition by EY (tax), GSK STOCKMANN (legal), TeamCon (technology & environment) and Markus Knab E&G (real estate agent).
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Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.
Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.