Nuveen Real Estate has purchased a logistics warehouse located in the town of Valle de Trápaga (province of Vizcaya) on behalf of its European logistics fund.
The warehouse is let to Amazon and has 8,020m² of which 7,260m² is storage area and the remaining 760m² is used as offices. The asset is built on a 21,600m² plot and has a structure adapted to the cross docking system (distribution system where products are not stored but are prepared for immediate shipment to the customer) and with ample parking for transport vehicles.
«Having identified how rapid growth in e-commerce is shaping demand for logistics and warehousing facilities, we committed early to exploring how real estate investors could gain exposure to this growth. Our expertise in this sector has enabled us to develop a strong platform and to invest in regions with sustainable demand drivers.» Thorsten Kiel, Head of Industrial & Logistics for Europe at Nuveen.
The vendor, Vusa, has been advised by CBRE and Carlos Cuevas Serrano, director of CBRE‘s industrial & logistics investment division, has described this asset as a «clear example» of the new generation of buildings that are being developed in Spain to respond to the needs of logistics operators.
Nuveen, which is led by Marta Cladera de Codina and Javier Martin Jaén in Spain, purchased two other logistics properties in Madrid and Valencia in 2017. Their distribution centre in Madrid is let to El Corte Inglés & Bricor and located in the Valdemoro industrial zone 30 kilometres south the city centre. Their property in the Valencian province is located in the town of Ribarroja benefits from motorway access to the A-3 and A-7, with direct connections to Valencia harbour and airport.
The international property fund is betting heavily on this sector and last January, the firm’s European logistics platform purchased the Eurodif premium distribution centre in greater Paris which was previously owned by Aviva. This Grade-A warehouse sits in the strategic and well-established Aube Logistics Park, which is one of the main industrial areas around the city of Troyes.
Later this year, in June, the property fund along with its strategic partner in the Benelux region, Cording Real Estate Group B.V., bought a distribution development in Zaltbommel, The Netherlands. The vendor was Somerset Capital Partners, a core logistics developer.