08 Dec 2021
Login to access your documents and resources.
Nuveen Real Estate reaffirms its strong commitment to France with the acquisition of 100,000 sq m in last mile logistics
- Nuveen Real Estate has acquired three last mile logistics portfolios with 17 assets totaling 80,000sqm for €135m through its European logistics platform
- Acquisitions for a further 25,000sqm worth around €32 million have also been secured for 2022
As part of its investment strategy in Europe, Nuveen Real Estate has acquired three portfolios comprising 17 modern last mile logistics properties, on behalf of its European logistics platform. The three transactions were sourced off market and represent an overall investment of more than €135 million. In addition, a further four assets worth more than €32m have been secured for 2022. The total gross area of all properties will be around 100,000sqm. All last mile centers are fully leased to top tenants on a long-term basis.
Luc Merigneux, Investment Director France at Nuveen Real Estate, adds: “We are delighted to have acquired these state-of-the-art last mile logistics opportunities in a sector which continues to remain defensive. It strengthens our growing portfolio and underlines our commitment to the French market as one of the biggest last mile investors in the country. Going forward, we are continuing to look for new opportunities in the logistics market in France.”
Specifically, the transactions include the following assets:
- Cross-dock portfolio #1: The portfolio comprises six standing assets with a total GLA of around 28.000sqm mainly dedicated to parcel services. The assets are in direct surrounding of Clermont-Ferrand, Lyon, Niort, Reims and Strasbourg. From these cities, the assets are well-placed to serve each conurbation and allow tenants to expand their businesses, especially with exposure to the Eastern part of France. In addition, all assets offer a high-quality building structure and comply with cross-dock assets technical requirements. Nuveen was advised by Screeb (notary), BG2V (tax & legal), Etyo (technical) and Longevity (environmental).
- Cross-dock portfolio #2: The portfolio comprises nine standing assets with a total GLA of around 29.000sqm mainly dedicated to mail and delivery services. Based in the surroundings of medium to major French cities, the vast majority of these assets are all very well located with a direct access to main roads to efficiently serve each city conurbation. The assets are in Bordeaux, Caen, Châlons en Champagne, Metz, Nantes, Niort, Rennes and Tours. The portfolio properties meet the latest standards and essential requirements of modern logistics assets dedicated to last mile players. Nuveen was advised by Screeb (notary), BG2V (tax & legal), Etyo (technical) and Longevity (environmental).
- Last Mile Logistics Centre, Saint-Étienne-du-Rouvray: The development consists of two last mile logistic properties of approximately 6.000sqm and 17.000sqm respectively. Located at one of the most important logistic locations in Normandy and accessible by road, rail or water, the last mile asset adheres to the core technical specifications required by occupiers in today’s market, with a good office ratio and grade A building quality. The development will be fully let on a long-term contract. Nuveen was advised by Panhard (notary), GIDE (tax & legal), Etyo (technical) and ERM (environmental).