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Nuveen Real Estate expands its European Logistics platform, launching a new strategy seeded with initial €250 million investment

Key takeaways
  • Launched in June, the platform has raised an initial €250 million from existing investors
  • Targeting €700-800 million GAV total investment
  • Follows the success of the first pan-European logistics strategy, which closed following investment of over €620 million GAV across 21 assets

Nuveen Real Estate, one of the world’s largest investment managers, is expanding its European logistics platform with the launch of a further mandate, following the successful close of its inaugural pan-European industrial strategy earlier this year.

€250 million has already been raised from a number of German institutional investors, all of which are already invested in Nuveen’s other logistics strategies demonstrating the strength of the firm’s offer. Looking ahead, the new strategy is targeting total investment of €700-800 million GAV with a long-term hold outlook.

Focusing on creating a diversified portfolio of assets across core countries, including Germany, France, Spain, Italy and the Netherlands, as well as additional European locations, the strategy is targeting high quality, modern logistics properties that are suited to all industrial uses.

The first European Logistics mandate launched in 2016 and invested over €620 million across 21 assets in key European locations, which were identified as having strong growth potential. It closed earlier this year following the successful completion of a number of industrial acquisitions in the first few months of 2020. These included two assets in Italy, one in Germany and another in Spain.

Timothy Horrocks, Head of Continental Europe for Nuveen Real Estate, commented: “Nuveen’s current investment in European logistics stands at around €3 billion, representing a 12% weighting across its European real estate AUM. The launch of this new latest strategy will help us to reach our goal of a 15% allocation to the logistics sector, equating to around €4 billion, over the next 18 months.”

Thorsten Kiel, Head of European Logistics for Nuveen Real Estate, added: “We have had a great amount of interest from investors in our earlier logistics strategies and were able to deploy the invested capital across core European locations, which we believe are best placed to provide rental growth and strong return for our investors. With this additional launch, we are looking to build upon this existing track record, targeting prime assets in key industrial locations across Europe and constructing a diversified portfolio designed to benefit from structural trends.”

Nuveen’s global logistics portfolio represents c. €15.4 billion assets under management, as at 30 June 2020.

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