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TH Real Estate acquires premium logistics development in the Netherlands

Waddinxveen

TH Real Estate has agreed contracts to forward fund a c.19,500 sq m development project in Waddinxveen in the Netherlands, on behalf of its European Logistics Fund (ELOF), for c.€22.6m.

The asset was acquired for the Fund by TH Real Estate, together with Cording Real Estate Group B.V., the preferred Dutch partner for logistics investments in the Netherlands for TH Real Estate.

The asset, a development of VolkerWessels Vastgoed and VolkerWessels Logistics Development, who will complete construction of the project in Q2 2018, comprises c.14,470 sq m of distribution space and 3,845 sq m of office with a c.1,110 sq m mezzanine level. The site has been 100% pre-let to Eosta, an international distributor of organic fresh fruits and vegetables, who has signed a fixed 15-year lease. The asset will be of an institutional Grade A quality and will be built in accordance with all state-of-the-art logistics asset requirements.

The development will be located at the brand new Logistiek Park A12, a new area especially designated for logistics activities in Waddinxveen. The city is an established location for logistics activities with a large share of national and international distribution activities and retailers. Waddinxveen is considered a cargo transport centre due to its unique location between Rotterdam, Amsterdam, Utrecht and the Hague.

Tim Hennes, Fund Manager for ELOF at TH Real Estate commented: "The Dutch logistics market has specific benefits due to its centralised location in Western Europe as well as the location of the main ports. Waddinxveen, in particular, benefits from its location between four major Dutch cities (Rotterdam, Amsterdam, Utrecht and the Hague). Combined with the micro-location of this development, within a dedicated logistics park, and the long-term lease with Eosta, which will deliver a defensive income stream from a good tenant covenant, this asset fits perfectly with our strategy for the Fund, which targets low risk logistic assets with high growth potential."

Roeland van den Berg, Director VolkerWessels Logistics Development commented: "Demand from occupiers for Grade A quality logistics buildings in this region is strong. We worked closely together with Eosta during the design phase, which led to a building scheme that is a perfect fit for Eosta and meets all state-of-the-art logistics building requirements."

ELOF was launched in late 2016 to provide an investment opportunity for German clients seeking low risk logistic assets with high growth potential. The Fund is targeting an end portfolio of approximately €400m across France, Spain, the Netherlands and Italy, all of which show a rising demand for logistics facilities. Current investors include pension funds, insurance firms and banks, comprising a club of 8-10 investors. The Fund remains open for investment.
The Fund leverages TH Real Estate’s c.€2.4bn European logistics platform to source its investments where it can leverage its local presence. In the Netherlands, Cording Real Estate Group B.V. acts as TH Real Estate’s preferred asset manager for this Fund.

Houthoff Buruma and Linklaters served as legal advisors to TH Real Estate. The technical and environmental due diligence was conducted by TÜV Süd Advimo GmbH. CBRE is acting as broker. Houthoff Buruma acted as legal advisor to Seller.

TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. COMP201700445

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