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Nuveen Real Estate acquires a logistics asset in Evreux, France, for c.€25 million
As part of its investment strategy across Europe, Nuveen Real Estate, one of the largest investment managers in the world, has acquired a logistics asset in France on behalf of its European logistics platform.
The asset, located near Evreux, in the region of Eure, and totalling 34,000 sq m (c. 366,000 sq ft), was acquired from a group of private investors for c.€25 million.
Located 30 km from the major A13 motorway, this Grade-A platform offers a strategic location between the densely populated Paris region and Le Havre. The building, delivered in 2015, is entirely occupied by ADS (Hopps Group) one of the French leaders in logistics and e-commerce, with a lease of 12 years.
Christel Zordan, Head of France for Nuveen Real Estate, says: "The Evreux asset represents a strong acquisition due to its competitive price, given the current market momentum for logistics assets, and fits perfectly with our wider European investment strategy.
“Our European logistics platform has so far invested €2.5 billion, targeting core, high-quality logistics assets in competitive locations across Europe. The platform is particularly active due to the changing nature of the sector, as it responds to the growing needs of e-commerce.”
In this transaction, Nuveen Real Estate was advised by Cheuvreux and BG2V for legal and financing, while the technical and environmental advice was delivered by SD Environnement, ETYO and ERM. Linklaters was responsible for structuring the operation.
The seller was advised by Michelez Notaires, Lawrizon Avocats and AXE m² as an agent.
The financing of this operation was provided by Postbank.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest investment managers in the world with $130 billion of assets under management.
Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 80 years of real estate investing experience and more than 550 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
For further information, please visit Nuveen Real Estate
Source: Nuveen, as of 30 June 2019.
Notes to Editors
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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.