Nuveen Real Estate expands logistics platform with 62.000 sq m premium development in Zaltbommel, the Netherlands
06 June 2019 – With its expanding European portfolio, Nuveen Real Estate has acquired a distribution development in Zaltbommel, the Netherlands, from Somerset Capital Partners, a core logistics developer. The investment manager was supported by Cording Real Estate Group B.V. as its partner for logistics transactions in the Netherlands.
The asset is located in Zaltbommel which is located at a central spot in the Netherlands, ranked among the top 5 logistics regions in the Netherlands. The area benefits from direct access to the A2 and A15 motorways, to secure the north-south as well as the east-west connections.
Totalling 62,000 sq m (c.667,000 sq ft), the development comprises two phases. Phase 1 has been developed as a turn-key project by the developer Somerset Capital Partners. This newly constructed and state of the art building offers well divisible and flexible occupancy solutions together with ADR storage and a BREEAM ‘very good’ certification. Energy efficient LED lighting systems and a roof prepared for the future placement of solar panels fits perfectly with Nuveen Real Estate`s requirements for sustainable buildings for the future.
The warehouse is leased to Mainfreight, a large global supply chain provider, who will use the warehouse to service FMCG customers. Phase 2 of the development is due to be completed in Q4 2019 on a speculative basis, with a call option for the tenant.
James Ellis, Senior Investment Manager, Nuveen Real Estate, says: “This is a prime example of the core qualities which our investors are looking for in the Fund. With ever changing occupier requirements, we continue to focus on sustainable buildings in strong locations, and so look forward to continued collaboration with Somerset Capital Partners on future projects.”
Frans Landmeter, Partner, Somerset Capital Partners, comments: “We are happy to have found Nuveen Real Estate purchasing the Zaltbommel development, which is part of an extensive pipeline. As our developments come to market we hope to continue doing transactions with this prime investor.”
Houthoff Buruma and Linklaters served as legal and tax advisors as well as Malcolm Hollis advised on the technical aspects. The vendor was advised by Loyens & Loeff.