Nuveen Real Estate's European Cities Platform acquires Phase III of a logistics centre in The Netherlands
- Third phase of logistics asset located in Venlo, The Netherlands
- Fully let to a leading international retailer
- The European Cities Platform forms part of Nuveen Real Estate’s global resilient series
Nuveen Real Estate has acquired Phase III of a logistics hub in Venlo, The Netherlands, on behalf of its European Cities Platform for around €40 million, having acquired the first two phases last year.
The logistics complex, developed by Next Level Development, now comprises over 118,000 sq m of rental space, with the third phase adding an additional 43,416 sq m. The first unit was built in November 2017, while the second phase completed in July 2018.
The logistics hub is fully leased, with 14 years remaining, to a leading international retailer as its central e-commerce hub, helping to serve The Hague, Amsterdam, Antwerp and Brussels.
The province of Limburg, where the distribution centre is located, is considered one of the best logistics locations in Europe, acting as a hub for the central ports of The Netherlands, Belgium and Germany. The logistics centre also has excellent connections to the highway and the train network giving access to a large labour catchment from the surrounding areas.
Liz Sworn, Fund Manager at Nuveen Real Estate, comments: “The Netherlands is a key target market for logistics assets for our European Cities Platform, due to its impressive connections to a number of key cities and ports. We are delighted to have been able to add to our portfolio in Venlo with this third acquisition ensuring continued diversification of the platform for our investors.”
Thorsten Kiel, Head of European Industrial & Logistics at Nuveen Real Estate, adds: “Our European logistics portfolio has grown apace throughout the last year, responding to the consistent demand across key locations. The high-quality units and the strength of the tenant meant it was a natural choice to further our investment at the centre in Venlo.”
The Platform is part of Nuveen Real Estate’s resilient series, which is designed for investors who focus on diversification, return and long-term capital appreciate. The platform invests in high-quality real estate across a defined list of cities that are underpinned by global megatrends.
Since its launch in March 2016, the Platform has assembled a €1.9 billion portfolio of 11 prime assets, including a further two under development.
Nuveen Real Estate was advised by Loyens & Loeff and Malcolm Hollis, EY, Cording and De Lobel & Partners. CMS and TLF Real Estate worked for the seller Next Level Real Estate BV.
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 platforms 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.
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*Includes 287 real estate investment professionals, supported by a further 260+ Nuveen employees.
Source: Nuveen, as of 30 June 2019.
Nuveen Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services.
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.