Nuveen Real Estate has acquired two new logistics properties in Germany with a total volume of around 32 million euros and is thus expanding its European logistics platform.
The first property is a state-of-the-art distribution centre of around 16,000 square metres in Großschirma, which is located between Chemnitz and Dresden. Due to its advantageous connections to Central Europe, the Dresden area has experienced increased logistics demand in the recent past. The property is currently fully let to an established German logistics provider for a period of nine years.
Nuveen has also acquired a cross-dock distribution centre of approximately 6,000 square metres, which is fully leased to an express logistics company for 25 years. Located near Driedorf, the property is conveniently located to deliver goods to western Germany and also benefits from a strong local labour pool.
The German team, Marc Rößler, delivered due diligence