Investment manager Nuveen Real Estate has acquired the Ulm Logistics Centre for its European Logistics portfolio.
The logistics centre, which consists of an existing building and a modern, large-scale extension built in 2019, was purchased for more than €30 million from project developer May & Co.
The property is around 23,000 square meters (248,000 square feet) and is et to a home and garden products wholesaler and a transport company on a long-term basis.
It is on the A8 Stuttgart-Munich motorway and a neighbouring loading terminal, so is in an ideal position for high-performance logistics. The industrial complex has also benefitted from extensive road reconstruction around the site, which has allowed the hub to successfully expand in recent years.
Christian Sliwa, Investment Manager at Nuveen Real Estate, says, “This property is well located between the two logistics hotspots of Munich and Stuttgart. It is a strategic addition for our portfolio, which consists of other modern industrial properties in established locations. We expect the German logistics sector to continue its positive development. We offer our investors high-quality industrial assets with secure rental income across Europe.”
Stefan Harder, Managing Director of May & Co. Development, adds, “The property distinguishes itself particularly by its ideal location and strong tenant structure. It further meets the high standards of a modern logistics centre. Having successfully developed the new building, we are pleased to have found a well-known investor for the further operation of the project in Nuveen Real Estate.”
Nuveen Real Estate was advised on the acquisition of the logistics centre by EY (tax), GSK STOCKMANN (legal), TeamCon (technology & environment) and Markus Knab E&G (real estate agent).
Aalsmeer warehouse bought
Cabot Properties, Inc. has bought a warehouse at Rietwijkeroordweg 67 in Aalsmeer, from Bog Madsen Beheer B.V.
The 8.405 square meter warehouse was built in 2002. It consists of 5,325 square meters of warehouse space, 1,882 square meters of storage space and 1,198 square meters of office space.
The building is part of the Schinkelpolder business park, next to Schiphol Airport, and is fully let to flower and plant exporter, Gasa Group.
Cabot was advised by De Lobel & Partners (commercially), Buren Legal (legally), and Arcadis (technically). Bog Madsen Beheer B.V. was advised by Savills (commercially), and HVG Law LLP (legally).
Corné Valk, Senior Consultant Investment at Savills in the Netherlands, says, “Because of the strong characterises of the property and the location, we were able to run a smooth sale process. This shows that the logistics market remains in demand, despite COVID-19.”
Amro to create Seville student accommodation
UK-based Amro Real Estate has acquired a building in Seville for the future accommodation of 332 university students.
Amro specialises in the promotion and management of student residences.
Work to adapt the 9,300 square meter building will begin in the summer with a planned opening date of January 2021.
The residence will have common areas, group study areas, dining room, gym and parking.
Located between three university campuses at Seville, Pablo Olavide and Loyola Andalucía, the building could serve 38,600 students.
Amro was advised by international real estate group, CBRE.
This is Amro’s second operation in Spain. Altogether, it plans to create 5,000 beds for university students in the Iberian Peninsula. Amro is currently building a first residence in Granada, with 360 beds, which will open in March next year.
CBRE says Amro already has another 3,000 beds under negotiation in both Spain and Portugal.
Investor acquires two warehouses and offices
Leading logistics investor GARBE Industrial Real Estate GmbH has bought two logistics properties in Vienna, Austria.
The two warehouses and two smaller office buildings on Warneckestrasse in Simmering, the 11th district, cover 103,000 square meters. The buildings, which are on a trading estate, were bought on behalf of an institutional investor.
The lettable area is around 47,000 square meters overall, with logistics facilities accounting for about 40,000 square meters.
The head tenants are the Austrian logistics firms Q-Logistics and Quehenberger. The weighted average unexpired lease term (WAULT) equals 6.6 years. The two parties to the contract agreed not to disclose the selling price.
Jan Philipp Daun, Head of Investment Management at GARBE Industrial Real Estate, says, “The logistics properties in the south-east part of Vienna occupy an excellent location and have outstanding trimodal connectivity to water, rail and road transportation. Moreover, Vienna Airport is around nine kilometres away via the motorway, and thus within easy reach. Due to the lease agreements, an inflation-indexed and therefore permanently stable cash flow is in place that could be increased through additional new lettings and modernisation measures.
“Vienna is Austria’s most important logistics cluster. At the moment, keen demand for logistics facilities coincides with short supply. This implies up-side potential for further rent hikes. Accordingly, we consider Vienna’s logistics market to be very interesting in general.”
Both properties on Warneckestrasse were acquired within the framework of an asset deal. They are close to the airport in Schwechat, two inland ports, Freudenau and Albern.
One of the plots is the only one of its size in the area surrounding the ports that is not encumbered with a building lease, ground lease or structural easement.
Consultancy during the transaction was provided by the off-market estate agent Motherland. The law firm Wolf Theiss acted as legal adviser.
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