Nuveen Fund Raises $660M; Acquires $1.3B Portfolio
Nuveen Real Estate launched its U.S. Cities Industrial Fund, with an initial close of $660 million. The fund is focused on acquiring and managing institutional-quality industrial properties throughout the United States. Capital raised came from institutional investors in North America, Europe and Asia-Pacific, including a $150-million commitment from Nuveen’s parent, TIAA.
The open-end, core real-estate fund has already gone to work, acquiring a $1.3-billion seed portfolio, consisting of 45 well-leased Class A industrial buildings. The portfolio totals 11.4 million, with assets situated in 12 strong U.S. logistics markets.
“The U.S. Cities Industrial Fund provides investors with broad-based logistics exposure, while strategically concentrating investments in buildings that are closest to consumers and in markets with strong fundamental growth opportunities, together capitalizing on secular demand trends driven by e-commerce and urbanization,” said Brian Tilton, Managing Director, Portfolio Manager of the fund.
Pictured: Generic Industrial
For comments, questions or concerns, please contact Amy Sorter