Nuveen Real Estate raises further €50 million, and acquires Dutch portfolio, for its latest European logistics strategy

• Latest strategy has now raised over €300 million with €150 million of GAV target already allocated
• New portfolio brings Nuveen’s logistics AUM in the Netherlands to over €550 million

Nuveen Real Estate, one of the largest real estate investment managers globally, has raised a further €50 million for its sixth European logistics strategy. 

On behalf of the strategy, which has now raised over €300 million from a number of German institutional investors, the firm has acquired a portfolio in the Netherlands; an industrial property in Weert. The c. 18,000 sq m (c. 194,000 sq ft) warehouse forms part of a wider portfolio, with the purchase of the second asset due to complete later this year. 

The property is strategically located in the West-Brabant logistics corridor, providing good access to Germany, Belgium and north to the Rotterdam port. The asset has been purchased on a sale and leaseback agreement with GVT Group of Logistics, on a 10-year letting. The tenant will be BTT Multimodal Container Solutions, a subsidiary of GVT. 

Daan Van der Veen, Investment Manager for Nuveen Real Estate, commented: “We are delighted to have been able to finalise the first acquisition for our latest European logistics strategy, with this well-positioned, recently developed asset. Its high-quality and secure tenant covenant should help us to provide good returns for our investors in the years to come.”

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.

Tim Hennes, Fund Manager for Nuveen Real Estate, said: “It is fantastic to have seen so much investor interest for our latest European logistics strategy following the success of its predecessor, through which we were able to acquire 21 high-quality assets across key European industrial locations. We are expecting to see continued activity due to the ongoing need for logistics properties across the continent, which has only been exacerbated by the pandemic. In particular, we anticipate cold storage and last-mile hubs proving most popular.”

Nuveen’s European industrial AUM currently sits at €3.1bn.

Nuveen opened its Dutch office last year in the South Axis of Amsterdam, appointing two local real estate investment specialists Daan Van der Veen and Sebastian Zwart. It followed a string of real estate acquisitions across the Dutch market in 2019 and a desire for Nuveen to be better positioned to both manage its existing portfolio and identify new investment opportunities.

Nuveen Real Estate was advised by Industrial Real Estate Partners, Houthoff and Malcolm Hollis, while the seller was advised by CMS.