Nuveen Real Estate has acquired a distribution development in Zaltbommel, the Netherlands, from Somerset Capital Partners. Totalling 62,000m², the development comprises two phases. Phase 1 has been developed as a turn-key project. This newly constructed building offers well divisible and flexible occupancy solutions together with ADR storage and a BREEAM ‘very good’ certification. The warehouse is leased to Mainfreight, a large global supply chain provider, who will use the warehouse to service FMCG customers. Phase 2 of the development is due to be completed in Q4 2019 on a speculative basis, with a call option for the tenant. The purchase price was not disclosed.
James Ellis, Senior Investment Manager, Nuveen Real Estate, said: “This is a prime example of the core qualities which our investors are looking for in the Fund. With ever-changing occupier requirements, we continue to focus on sustainable buildings in strong locations, and so look forward to continued collaboration with Somerset Capital Partners on future projects.”
Frans Landmeter, Partner, Somerset Capital Partners, commented: “We are happy to have found Nuveen Real Estate purchasing the Zaltbommel development, which is part of an extensive pipeline. As our developments come to market we hope to continue doing transactions with this prime investor.”