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Nuveen Real Estate’s European logistics platform acquires a distribution centre in Germany for over €60 million
The industrial asset comprises c. 63,000 sq m (c. 678,000 sq ft) across five units, all tenanted on a long-term lease to a leading omni-channel retailer.
Located next to the intersections of the A57 and A52 motorways at Kamp-Lintfort, the property also benefits from close proximity to the world’s biggest inland port at Duisburg and the Rhine-Ruhr, which is Germany’s largest metropolitan area with over 10 million inhabitants.
Thorsten Kiel, Head of European Logistics at Nuveen Real Estate, commented: "Demand for high-quality industrial assets in prime locations across Europe remains strong. The firm’s latest acquisition at Kamp-Lintfort benefits from an excellent location, close to some of Europe’s busiest ports while also allowing access to a very densely populated area, and a strong tenant covenant with a reputable brand.”
“Throughout 2020, Nuveen’s European logistics platform has already invested around €250 million in industrial assets, with a further €250 million currently in due diligence or already under construction, reaffirming its commitment to the sector across Europe. Looking ahead, demand for industrial assets is only expected to increase, so we will continue to identify good opportunities to ensure we are providing strong returns for our investors.”
Nuveen Real Estate was advised by EY (tax), GSK (legal), Orange recon GmbH (technical), Nova Ambiente (environmental) and LCEE GmbH (sustainability).
The seller was advised by Eastdil Secured and Clifford Chance.
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