UKREiiF attendeeNuveen Real Estate, one of the largest investment managers globally, has acquired five logistics assets across Norway, Germany, Spain and the United Kingdom. The acquisitions represent an overall investment of close to €150 million with the total gross area spanning 89,271 sqm (960,905 sq ft). All but one of the assets acquired are fully leased to top tenants on a long-term basis.
Thorsten Kiel, Head of Industrial and Logistics, Europe at Nuveen Real Estate, comments: “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.”
The asset in the UK is in Glasgow – a prime modern industrial estate. Citylink Industrial Estate comprises 56, 550 sq ft and is configured as ten warehouse units, 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.
Citivale and CBRE advised Nuveen on the deal.
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