Nuveen acquires €33m logistics asset in Denmark

Written by Michael Griffiths

05/07/2024

Nuveen Real Estate has acquired a newly constructed logistics asset in Denmark, via an off-market transaction for €33m.

The deal was made on behalf of the European Core Plus Logistics strategy which was launched in 2022 and targets core plus investments across both standing and development assets.

The asset is Nuveen’s first logistics investment in Denmark, with the Nordics more broadly being a high conviction geography for the platform across the housing, self-storage and logistics sectors, supported by strong underlying investment fundamentals.

Nuveen Real Estate’s platform more broadly has actively grown its Nordic exposure to over €1bn through the acquisition of self-storage providers and a single-family housing portfolio in Finland.

Senior director at Nuveen, Magnus Kenning, said that the transaction benefited from several “market fundamentals”, with Denmark being the most densely populated Nordic country.

“The asset itself is strategically located in a well-established logistics park surrounded by well-known tenants and institutional owners,” added Kenning.

“Now that we have closed on the transaction, we are focused on executing our business plan by letting up the vacancy and finalising the building’s DGNB sustainability certification, as well as reviewing further opportunities to expand our Nordic portfolio.”

Fund manager at Nuveen, James Ellis, added: “The acquisition is a prime opportunity to build on an already strong track record as a core plus investor as we continue to expand the portfolio for this strategy.”

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