Nuveen Real Estate has acquired a newly constructed logistics asset in Horsens, Denmark, via an off-market transaction for circa EUR 33 million.


The acquisition was made on behalf of the European Core Plus Logistics strategy which was launched in 2022 and targets core plus investments across both standing and development assets.


The asset is Nuveen Real Estate’s first logistics investment in Denmark, with the Nordics more broadly being a high conviction geography for the platform across the housing, self-storage and logistics sectors, supported by strong underlying investment fundamentals. Nuveen Real Estate’s platform more broadly has actively grown its Nordic exposure to over EUR 1.0 billion through the acquisition of self-storage providers and a single-family housing portfolio in Helsinki.


Completed in early 2024 and available for occupancy, the property comprises 33,000 square metres of warehouse space spread across three equally sized units. Boasting 12 metres clearance height, the property has been built to modern logistics specifications and is pursuing DGNB Gold certification.


The property also benefits from highway visibility and excellent connectivity to the E45, allowing for short drive times to Aarhus and the Triangle Region as well as the rest of Jutland. The site is located one interchange north of DSV’s new 300,000 square metre campus and three interchanges away from Recharge City, the new parking and recharge centre in Horsens.


Magnus Kenning, Senior Director at Nuveen Real Estate, said: “This transaction benefited from a number of market fundamentals with Denmark being the most densely populated Nordic country, and the asset itself is strategically located in a well-established logistics park surrounded by well-known tenants and institutional owners. Now that we have closed on the transaction, we are focused on executing our business plan by letting up the vacancy and finalising the building’s DGNB sustainability certification, as well as reviewing further opportunities to expand our Nordic portfolio.”


James Ellis, Fund Manager at Nuveen Real Estate, comments: “This transaction demonstrates our ability to identify attractive core plus investment opportunities in established distribution locations as clients continue to look for strong risk-adjusted returns outside of core strategies. Moreover, the acquisition is a prime opportunity to build on an already strong track record as a core plus investor as we continue to expand the portfolio for this strategy.”