Nuveen has acquired Munich-LEN, a multi-tenanted business park located in Ismaning, Germany, on behalf of professional wealth investors in its flagship Global Cities Real Estate strategy. The $3.1 billion strategy targets diversified, income-generating, institutional-quality real estate across the world's most dynamic and resilient urban centres.
The acquisition represents a significant milestone for the strategy, marking its first direct investment in Germany and its first directly owned industrial asset in the European region. It also reflects Nuveen's ongoing expansion of its alternatives platform to professional wealth management clients across EMEA and Asia Pacific, following the expansion of the firm's product offerings last year1.
Jeff Carlin, Global Head of Wealth and Retirement Advisory Services at Nuveen, added: "This acquisition is a strong example of how we are delivering institutional-quality real estate opportunities to professional wealth clients around the world. As we continue to expand our alternatives platform across EMEA and Asia Pacific, we remain focused on providing access to high-conviction, income-generating strategies that have historically been the preserve of large institutional investors. The Global Cities Real Estate strategy is a compelling platform through which wealth clients can access diversified, global real estate exposure managed by one of the world's leading real estate platforms."
Munich-LEN is a fully let, flexible business park comprising 16 divisable units currently occupied by 12 tenants spanning a range of industries, including industrials, machinery, publishing, apparel, and logistics services. The asset's versatile layout is designed to accommodate a wide variety of occupier needs, underpinning its strong and diversified income profile. The business park is situated in Ismaning, a highly sought-after location within the Munich metropolitan area. The developer and vendor was Binnberg Architekturentwicklung.
The acquisition further diversifies the Global Cities Real Estate strategy's geographic and sector footprint. The portfolio now comprises 126 properties across the United States, APAC, and EMEA, including five single-family housing estates in Copenhagen encompassing 110 homes. The strategy is led by experienced managers from across Nuveen Real Estate and supported by the $137bn AUM global scale and specialised sector-focused expertise of the platform.
Richard Kimble, Portfolio Manager of the Global Cities Real Estate strategy, said: "Munich-LEN is a high-quality asset that we believe offers investors excellent income return potential, underpinned by a resilient, diversified tenant base operating in one of Germany's most prosperous and economically vibrant regions. This acquisition reflects our continued conviction in well-located, flexible industrial assets that can deliver durable income across market cycles."
Advisors on the deal included Newmark (broker), EY (tax), Nova Ambiente (environment), Orange Recon and TheGreenBlue (technical) and LOGREM (transaction management and property management).
