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Nuveen Real Estate acquires premium logistics asset in France
Nuveen Real Estate, on behalf of its European logistics platform, has acquired the Eurodif premium distribution centre in the greater Paris area from Aviva Investors Real Estate France SA.
This Grade-A warehouse sits in the strategic and well-established Aube Logistics Park, which is one of the main industrial areas around the city of Troyes. Located along the A5 and A26 motorway, the building benefits from excellent connectivity and can be reached from Paris in around 90 minutes.
Built in 2013, the distribution centre comprises c.24,500 sq m (c.263,715 sq ft) and has four separate modules with the possibility for an extension. It is fully let to Eurodif/Bouchara, a French company delivering fashion and household products to c.90 stores in France.
Tim Hennes, Senior Investment Manager, Europe, comments: “France is one of our key logistics markets and we are very pleased to have acquired a premium asset. We predict that logistics is set to be the best performing mainstream sector in 2019, with healthy growth and even some further yield shift driving returns. We believe that fundamentals for logistics remain strong into 2019, our main task will be to distinguish between long term value and late cycle froth.”
Christel Zordan, Head of Real Estate, France, says: “The distribution centre fits perfectly with our logistics investment strategy. This new asset is Nuveen Real Estate's second investment in France in the past 12 months on behalf of its European logistics platform, following the transaction of Fos-sur-Mer in Marseille.”
The law firms BGV2 and Linklaters served as legal advisor for Nuveen Real Estate. The technical and environmental due diligence was conducted by Etyo, SD Environment and ERM.