The recently completed extension (phase 3) of Lidl's distribution center in Venlo has been acquired by Nuveen Real Estateon behalf of its European Cities Fund. Nuveen was already the owner of the first two phases. The last addition led to a total investment volume of EUR 110 million; the largest single asset deal in logistics real estate in the Netherlands so far.
The building, developed by Next Level Development, is located at Trade Port Noord in Venlo; one of the largest and most attractive logistics hotspots in the Netherlands. This most recent expansion was developed at risk and leased to Lidl a few months after the start of construction. Phase 3 has an area of 43,717 m², bringing the total building area to approximately 120,000 m². The expansion has been acquired for approx. EUR 40 million and has been added to Nuveen's European Cities platform.
Liz Sworn, Fund Manager at Nuveen Real Estate, commented: “The Netherlands is a key target market for logistics assets for our European Cities Fund, due to its impressive connections to a number of key cities and ports. We are delighted to have been able to add to our portfolio in Venlo with this third acquisition ensuring continued diversification of the fund for our investors.”
Thorsten Kiel, Head of European Industrial & Logistics at Nuveen Real Estate, added: “Our European logistics portfolio has grown apace throughout the last year, responding to the consistent demand across key locations. The high-quality units and the strength of the tenant meant it was a natural choice to further our investment at the centre in Venlo.”
Next Level Development was advised in this transaction by CMS and TLF real estate. Nuveen was assisted in this transaction by Cording, De Lobel & Partners, EY, Hollis and Loyens & Loeff.
TLF real estate
know more, do more
Interested in what we can do for you? Contact us.
© 2020 TLF BV