Nuveen Real Estate makes additional Ridderkerk acquisition

Nuveen Real Estate has acquired an additional distribution centre in Ridderkerk, The Netherlands, on behalf of its European logistics strategy.

The c27,000 sq m (c291,000 sq ft) industrial hub is currently under construction, due to be finished in mid-2021, and upon completion will be fully let on a 10-year lease to a European warehousing and distribution provider, Allround Cargo Handling BV. The property is being built to a high specification to suit the tenant business and will achieve BREEAM certification, together with electric vehicle charging points and the provision for solar panelling, highlighting key sustainability credentials.

Ridderkerk is located c20 minutes southeast of the city centre of Rotterdam, within close proximity to the largest port in Europe. The well-populated areas of The Hague, Amsterdam and Utrecht, are easily accessed via multiple motorway connections.

Earlier this year, Nuveen Real Estate opened its first Dutch office in Amsterdam to build upon its existing track record across the country and be better positioned to identify new opportunities. Currently Nuveen Real Estate has EUR1.6 billion AUM across The Netherlands.

James Ellis, Senior Investment Manager at Nuveen Real Estate, says: “The Netherlands, and Ridderkerk in particular, is often seen as being one of the most important logistics locations in Europe due to its proximity to key ports, road and rail links across the continent. With this most recent purchase, we have been able to secure a state-of-the-art logistics hub with a strong tenant covenant, which we expect to benefit from its highly-accessible location and in turn provide strong returns for our investors.”

Edwin Roos, Allround Cargo Handling BV, adds: “Our services for the nuts and dried fruits industry are a great fit with the new location and will give Allround Cargo Handling B.V. the opportunity for further growth of its food logistics division. The proximity to the ports of Rotterdam and Antwerp, and the central location in the Dutch Fresh Port, will give us the advantage to strengthen our position further as the best logistics company for nuts and dried fruits.”
 
Nuveen Real Estate was advised by CMS (legal) and Hollis (technical and environmental).

NXR Vastgoed BV/Allround Cargo Handling BV was advised by PLOT Real Estate (commercial), U-build (technical and environmental) and Borsboom & Hamm (legal). Contractor Aan de Stegge Twello (AdST).