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TH Real Estate continues European logistics investment programme with acquisition in Spain

ELOF, Valencia

TH Real Estate has successfully acquired a c.55,300 sq m (595,244 sq ft) core logistics centre near Valencia, Spain, on behalf of its European Logistics Fund (ELOF).

The asset is located in Ribarroja, a prime logistics area in Valencia. It is 100% let to Carrefour, a well-known multinational retailer offering a wide range of fresh products, food, non-food and electronics. Carrefour are headquartered in France and operate in over 30 countries.

The asset, which has been extended twice, comprises c.55,300 sq m (595,244 sq ft), built on a plot of c.86,600 sq m (932,154 sq ft). Ribarroja benefits from excellent motorway access to the A3 and A7, with direct connections to Valencia harbour and airport.

Tim Hennes, Fund Manager for ELOF at TH Real Estate, comments: "This asset is our second acquisition in Spain and fits perfectly with the strategy of ELOF. It delivers a stable income stream from a well-known tenant for our clients. Our team's investment expertise, combined with a local presence allows us to invest capital in a timely manner."

Javier Martin, Asset Manager, at TH Real Estate adds: "This was a great off-market acquisition. It is a core asset in the best logistic hub in Valencia, which is an important logistic region in Spain with the most important harbour in the country. We will continue looking for new investments for ELOF to enhance its portfolio in Spain."

ELOF was launched in late 2016 and is fully subscribed. Its primary mandate is to invest in high-end logistics assets predominantly in four core countries across Europe, France, Spain, The Netherlands and Italy, all of which show a rising demand for logistics facilities.  

The acquisition of the logistics centre in Valencia is the second deal in Spain for ELOF over the last six months 

Dentons and Linklaters served as legal, tax and structure advisor to TH Real Estate. Technical and environmental due diligence was conducted by TÜV Süd Advimo GmbH.

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. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of TIAA. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201700602

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