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Nuveen bets on logistics in Vitória
05 March 2020 | Vanessa Sousa

Nuveen Real Estate bought its first asset of the year in Spain at the city of Vitoria: a logistic asset. The name of the seller and the amount of the sale were not disclosed.

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The asset is located at the Agurain industrial park within the municipality of Álava and it has an edified area of 46.000 sqm, according to daily newspaper Eje Prime.

This purchase is, according to the company’s director of logistic assets for Spain Javier Martín, part of Nuveen’s business strategy «of seeking assets capable of generating added value for investors and offer competitive returns».

The return of this new acquisition from the American company is assured, since the asset is occupied by DHL, a logistic company sub-contracted by supermarket chain Eroski, for 8 years, mentioned the same daily newspaper.

This transaction is the second the asset management company carries out in Spain during the last 2 years. The first took place at the end of last year and concerned a logistic warehouse from Amazon also located near Bilbao, North of the country. Nuveen paid 17 million euro to Spanish real estate group Vusa for the asset.