Nuveen Real Estate expands Dutch logistics portfolio

Nuveen Real Estate has continued its expansion into The Netherlands with a further acquisition on behalf of its European logistics platform.

The firm acquired the newly developed 25,000-square-meter (269,000-square-foot) industrial asset from VolkerWessels Logistics Development. The property is located in Apeldoorn, the Netherlands, at the heart of the A1 logistics corridor. Upon completion in August, the asset will become the new headquarters for Welkoop, a large national retailer, which has chosen the location due to 85 percent of its stores being within two hours’ drive, serving 18.8 million customers.

This latest purchase follows the platform’s acquisition of three logistics units over the last few months, amounting to around €215 million ($242 million) and follows a steady build of the portfolio throughout 2019. Nuveen Real Estate’s logistics AUM in the Netherlands now sits close to €500 million ($562 million).

Nuveen opened a Dutch office, in Ams