This was a sale&leaseback operation negotiated with a national telecoms company, represented by consultant Knight Frank.
The 10.261 sqm logistic unit is located at the Polígono de las Monjas de San Fernando de Henares, 15 km away from Madrid. This complex has tenants such as Amazon, GLS, DVS and Logwin, amongst others. The business’s yield is around 4.85%.
In a release, Javier Martín, director of Logistic Assets at Nuveen Real Estate, commented that «Nuveen keeps expanding its portfolio of high-quality assets in prime locations and that is the mark of its European strategy and it will keep seeking new opportunities to meet the needs of our investors».
And he further added that «this logistic centre stands out for its excellent location within Madrid’s first urban ring, the most influential area in terms of the immediate distribution of goods, next to the main communication access to the rest of Europe, and for having a high-quality tenant with a long-term contract», quoted El Mercantil.
Alejandro Vega-Penichet, in charge of logistics at Knight Frank, stated that «we are very happy to have provided the seller with a competitive process much sought after by core funds proving that this type of assets is very much in demand in a demanding market which is in constant change and where the distribution processes have to be of the highest quality while spending the least amount of time. This asset offers a truly differentiated value allowing to effectively increase the tenant’s productivity thanks to its nearly 16-metre high warehouse; its 221:1 ratio of square metre to docks and its wide operation area», he added.
He further added that «it is important to highlight the importance of the operation not only due to its location but also for the fact that the asset uses the latest technology in automation, thus maximising its last-mile storage and distribution process».
Market sources remarked that this was Nuveen’s first transaction using its logistic pan-European investment fund, Nuveen Pan-European Core Fund, which has between 700 and 800 million euro available to invest in countries such as Germany, France, Spain, Italy and Holland.
€13.8B invested in logistics globally
Logistics is one of the segments on which Nuveen has invested during the last few years. Globally, the American management company has a total of 463 assets spread across 10 different countries. These assets, together, represent a gross asset value of 13.8 billion euro.
According to information released by Nuveen, 3 of these assets are located in Spain, in Bilbao, Madrid and Valencia. The latest acquisition was the 8.020 sqm asset located in Bilbao the company purchased last year.
On the future of the segment, Thorsten Kiel, Head of Industrial & Logistics, Real Estate, Europe, revealed that «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», he added.
Last Update on 4/01/2021 with more information