Nuveen Real Estate’s European Cities platform makes debut investment in Austria

Nuveen Real Estate has acquired an urban logistics park in the City of Vienna for €65 million ($73 million) on behalf of its European Cities platform.

The property has been acquired from SEGRO, an owner, developer and manager of industrial properties across Europe, who completed development on the first phase of CityPark Vienna in 2016.

CityPark comprises 20,000 square meters (215,000 square feet) of newly developed light industrial property and cross-dock accommodation. Tenants include ABF Pharmaceutical and AV Pro. There is also planning permission for the development of a further 39,000 square meters (420,000 square feet) of urban logistics accommodation across three phases.

The existing light industrial unit, which comprises 8,000 square meters (86,000 square feet), is occupied by Österreichische Post, as its national parcel hub. There is also a multi-story car park on site.

CityPark is situated in the 23rd District of Vienna, just 10 kilometers (