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TH Real Estate strengthens European logistics platform with acquisition in Rotterdam Harbour

Logistics centre in Rotterdam harbour

TH Real Estate has acquired a logistics asset in Rotterdam, Netherlands, for c.€31 million, as part of its growing logistics platform in Europe.

The transaction took place together with the Cording Real Estate Group B.V., TH Real Estate's preferred Dutch partner for logistics investments in the Netherlands.

Located in Rotterdam Harbour, the largest sea port in Europe, the logistics hub comprises a total area of c.430,500 sq ft (c.40,000 sq m). Secured on a 15-year lease to Neele-Vat Logistics, a family-run, full service logistics provider in the Rotterdam region. The asset was built in 2008 and further expanded in 2015, complying with latest requirements for ADR storage (hazardous goods). Offering a Grade-A fit-out and good divisibility, the asset also allows for a future extension to be developed, giving the occupier flexibility in expanding its current operations.

James Ellis, Investment Manager, at TH Real Estate, comments: "This key acquisition in Europe’s largest port is well aligned to our European logistics platform, as we continue to strengthen our investment exposure across established logistics regions with sustainable demand drivers. Netherlands is a core focus for our logistics platform, with solid occupier fundamentals and an excellent infrastructure serving as a gateway to Europe. With tight zoning regulations for ADR storage limiting the availability of logistics space, there is a strong demand from a diverse global customer base, making the tenant a very attractive 3PL provider. This further underpins our portfolio strategy of seeking long-term income security."

Bram Dekkers, Associate Director of Investment, at Cording, adds:"We are very pleased with the purchase of the second property in the Netherlands, demonstrating how successfully our acquisition team can operate in a highly competitive market. We look forward to acquiring further logistics assets for TH Real Estate’s respective strategies."

TH Real Estate recently announced a run of logistics acquisitions in France and Italy, making this the sixth transaction on behalf of its European logistics platform since 2016. The strategy leverages off TH Real Estate’s c.€2.4 billion European logistics platform to source further investments from its established local European office base.

Houthoff Buruma and Linklaters served as legal and tax advisors. Malcolm Hollis advised on the technical aspects. Cushman & Wakefield acted as broker.

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Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, London EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH 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.

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