Nuveen makes first logistics acquisition in Denmark

Nuveen Real Estate has expanded its presence in the European logistics market with its first core plus acquisition in Denmark, buying the Egeskovvej 39 warehouse in Horsens in an off-market transaction for €33 million.

The logistics asset Nuveen has acquired in Horsens, Denmark

“This transaction benefitted from a number of market fundamentals as Denmark is 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,” said Magnus Kenning, senior director, Nuveen Real Estate. “Now that we have closed on this transaction, we shall review further opportunities to expand our Nordic portfolio.”

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. The Nordics more broadly are 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 has actively grown its Nordic exposure to over €1 billion through the acquisition of self-storage providers and a single-family housing portfolio in Helsinki.

The Egeskovvej 39 property was completed in early 2024 and is available to let. It has  33,000 sq m of warehouse space spread across three equally sized units. It has a 12 metre clearance height and has been built to modern logistics specifications. DGNB Gold certification is being sought.

The property is connected via 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 sq m campus and three interchanges away from Recharge City, the new parking and recharge centre in Horsens.

“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,” said James Ellis, fund manager, Nuveen Real Estate. “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.”