Both assets, which also include an office area, were built in 2020 and are located at the Plataforma Central Iberum, in Illescas, one of the Spanish logistic areas in higher demand.
On this acquisition, Javier Martín, portfolio senior manager at Nuveen Real Estate, commented that «the logistic segment is evolving rapidly under the current situation and the asset we just purchased represents a great opportunity for our European logistic platform. It is a perfect example of the future: excellent design, maximum quality, an enviable location and the best attributes and certifications in terms of sustainability. In terms of the location, Illescas has become a central axis for the national logistics, it is part of Madrid’s Southern metropolitan area and benefits from a mature and effective multimodal connectivity».
This operation was legally advised by Dentons, technically advised by Hill International, and in terms of environmental issues, it was advised by EHS Techniques. This purchase is in line with Nuveen’s investment strategy for Spain.
The asset management company currently has a 5 unit portfolio spread across the country estimated at 150 million euro: two of those units are located in the Basque Country, one in Valencia, one in Madrid plus the recently acquired unit in Toledo. The total portfolio managed by Nuveen within the Iberian Peninsula, which includes shopping centres, commercial areas and logistic assets, is estimated at 2.000 million euro.