18 September 2019 – Idealista
Nuveen Real Estate (formerly TH Real Estate) has purchased the logistics warehouse that Amazon occupies 10km from the centre of Bilbao for almost €17 million, according to sources close to the operation. Until now, the warehouse had been owned by Vusa, the real estate group led by the heirs of Valeriano Urruticoechea.
The asset has a surface area of 9,000 m2 in total, of which 8,000 m2 is dedicated to storage and almost 1,000 m2 to offices. Amazon has signed a 21-year contract to occupy the property, of which 11 years are mandatory (until 2030).
Amazon started operating from the logistics facility in June. It is a modern platform in terms of its design and construction, suitable for cross-docking and with parking for small vans to serve the last mile distribution market.
This is the third logistics asset that Nuveen has purchased for its European Logistics platform in Spain. It acquired the other two in Madrid and Valencia in 2017.
Nuveen, which is led by Marta Cladera de Codina in Spain, is not only active in the logistics market. It also holds stakes in several shopping centres on the Iberian Peninsula, specifically, Islazul and 50% of Xanadú, as well as in retail parks, including Meixuerio in Vigo.
Nuveen Real Estate is one of the largest investment managers in the world with USD 130,000 million in assets under management.
Original story: Idealista – Custodio Pareja
Translated by: Aura Ree