Photo by Shutterstock
NEW YORK—Nuveen Real Estate has raised $660 million to launch its US Cities Industrial Fund, an open-ended vehicle that is acquiring industrial properties in select US markets.
As part of its first close, the fund acquired a $1.3 billion seed portfolio of 45 industrial properties totalling 11.4 million square feet in 12 US logistics markets. No other details were provided about this transaction.
Institutional investors participating in the fund's first close came from North America, Europe and Asia-Pacific and included a $150 million commitment from Nuveen's parent, TIAA.
Nuveen Real Estate has been investing in the industrial sector since 1953 and currently manages $16.9 billion of logistics investments globally. The firm's US industrial holdings now approximate $13.2 billion across both equity and debt investments with exposure to 247.2 million square feet in the US. Specifically, the US Cities Industrial Fund is concentrating on buildings that are closest to consumers and in markets with strong fundamental growth opportunities and that capitalize on e-commerce and urbanization trends, said Brian Tilton, portfolio manager of the fund, in prepared remarks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
