Nuveen Real Estate has acquired five logistics assets across Norway, Germany, Spain and the United Kingdom. The acquisitions represent an overall investment of close to €150m with the total gross area spanning 89,271m². All but one of the assets acquired are fully leased to top tenants on a long-term basis.
The company has purchased a portfolio of two fully let high-quality warehouse properties in strong micro-locations in Oslo and Bergen. The assets cover 28,710m² of lettable space and both properties have recently undergone improved energy efficiency measures and will shortly be installed with solar panels. The portfolio was acquired with additional building rights that Nuveen together with its operating partner, Midgard Partners, will work actively with to supply the strong occupier market with high-quality sustainable logistics space.
Nuveen has also acquired a modern and flexible asset in Rinteln from the developers Peper & Sander, approximately 60km (37 miles) southeast of Hanover. The asset offers 33,533m² of logistics space meeting a high environmental standard with a flexible layout of three rental units, all of which are fully let.
Another investment included a Turnkey project with Catella Logistics Europe in Sant Feliu de Buixalleu (Gerona), approximately 70km north of Barcelona. The site will be developed over 2022 to provide 21,774m² of logistics space meeting high environmental standards. The asset is strategically located in proximity to the French border and is let to a local 3PL provider allowing access to customers across Europe.
Finally, the company has purchased Citylink Industrial Estate, a prime, modern industrial estate within three miles of Glasgow city centre. The property comprises 5,254m² configured as ten warehouse units which is multi-let to five tenants. The asset has been extensively refurbished by the previous owner and offers excellent near-term performance prospects with further capital investment potential to enhance its ESG credentials and provide robust sustainable income over the long term.
Thorsten Kiel, Head of Industrial and Logistics, Europe at Nuveen Real Estate, commented: “These latest acquisitions underline our approach to the European logistics market, which remains incredibly competitive as investors continue to seek value. We are therefore delighted to have acquired these assets which we believe represent some of the key factors we are looking for in the sector. These include high quality, fit for purpose spaces in well connected, strategic locations for the regions they serve as well as the potential for development and extension at some of the assets.”
