Nuveen Real Estate has acquired five logistics assets in Norway, Germany, Spain and the United Kingdom, with an investment of close to 150 million euros.
The new acquisitions, which reinforce the international management company's European logistics portfolio, represent a total gross area of 89,271 sqm. And, according to the company, four of the five assets acquired are "leased to important tenants with long-term contracts."
In Spain, Nuveen has purchased a turnkey project from Catella in Sant Feliu de Buixalleu (Gerona), near the border with France and about 70 kilometers north of Barcelona, which will be developed throughout 2022. It will have 21,774 sqm of logistics area with high environmental standards and is already leased to a local provider of external logistics services that gives access to customers from all over Europe. The operation has been advised by Pérez Llorca, Hill International and EHS Techniques.
In Norway, the company has acquired two fully leased warehouses located in "privileged" areas of Oslo and Bergen. The assets have 28,710 sqm of leasable area, which will soon have an installation of solar panels. The portfolio was acquired with additional construction rights and with it Nuveen's investment in the Norwegian logistics market exceeds 100 million euros in the last 12 months.
In Germany, it has acquired 33,533 sqm of logistics space from the developer Peper & Sander in Rinteln, about 60 kilometers southeast of Hannover. The asset offers a high environmental standard and flexible distribution, divided into three fully leased rental units. The operation, in this case, has been advised by Graf von Westphalen (legal), Ernst & Young (tax), The Green Blue (ESG criteria), Orange Recon (technical) and Nova-Ambiente (environmental).
And, finally, in the United Kingdom, it has bought Citylink Industrial Estate, a modern, prime industrial property about five kilometers from the center of Glasgow, which has an area of 5,254 sqm, divided into ten warehouses rented to five tenants. Completely refurbished by the previous owner, the asset offers "excellent short-term return prospects with additional investment potential to improve its ESG credentials and to provide high income on a long-term, sustainable basis," says the manager, who has been advised by Citivale and CBRE in this transaction.
"These latest acquisitions underscore our focus on the European logistics market, which remains incredibly competitive, as investors continue to seek value. We are therefore pleased to have acquired these assets, which we believe represent some of the fundamental factors we are looking for in industry, such as high quality, fit-for-purpose spaces in strategic locations well connected to the regions they serve, and potential for development and extension in some of the assets," explained Thorsten Kiel, Head of Logistics and Industry industrial for Europe of Nuveen Real Estate.
