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Nuveen Real Estate’s European logistics platform acquires several Dutch logistics assets for a combined €215 million
- Three core logistics assets purchased in key logistics locations across The Netherlands
- Investors continuing to target Dutch logistics due to optimum ports and modern infrastructure network
The first was a high-quality, c. 48,000 sq m (c. 516,600 sq ft) warehouse near Rotterdam. The property is in a well-connected location, which will also be further enhanced by the construction of an additional motorway, with an intersection planned right next to the logistics hub. The asset is split into two lettable areas, with one currently let to a logistics and transport provider, on a 10-year lease.
The platform has also completed on the final phase of Westfields Logistics in Eindhoven, a c. 100,000 sq m (c. 1.1 million sq ft), two phase, industrial development. The new property is located between the main Dutch ports and is also close to Belgium and Germany, giving tenants excellent connectivity.
Finally, following the completion of Phase I in May 2019, the platform has now also finalised the acquisition of Phase II of a logistics asset in Zaltbommel. The property totals 62,000 sq m (c. 667,000 sq ft) and is largely occupied by an international logistics operator. Zaltbommel is ranked among the top five logistics regions in The Netherlands, with the area benefiting from direct access to the A2 and A15 motorways ensuring connectivity to the north and south, as well as the east and west.
"The Netherlands represents a key area of growth for our European logistics platform, as it offers excellent connectivity and already benefits from a number of well-established industrial hotspots, as well as the largest port in Europe, and strong occupier demand," comments Thorsten Kiel, Head of European Logistics for Nuveen Real Estate. "These acquisitions add to the nearly €250 million Nuveen has already invested in European logistics this year, as we continue to be confident that the asset class can provide long-term growth and returns for our investors. At the same time, we are continuing to reinvest in our existing assets to ensure we maintain our portfolio."
Earlier this year, Nuveen opened an office in Amsterdam, its first in The Netherlands, to build upon its existing track record across the country. The opening follows a string of real estate acquisitions across the Dutch market in 2019 and a desire for Nuveen to be better positioned to manage both its existing portfolio and identify new investment opportunities.
Nuveen was advised by Edmond De Rothschild REIM, Loyens & Loeff, Houthoff, Van Doorne (legal advisors), Arcadis and Hollis (tech and environmental).
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