Nuveen Real Estate raises over $480M

Nuveen Real Estate, a real estate investment manager, has secured more than $480 million that it plans to put towards two if its Asian Pacific channels.

Nuveen Real Estate has secured more than $420 million for the Asia Pacific Cities platform from eight European investors, and another $60 million for its China Outlet Mall Fund to close the vehicle at $630 million.

PERENews has sent an email to Nuveen Real Estate and will update this article upon receiving responses.

Nuveen Real Estate’s Asia Pacific Cities platform would probably receive additional significant commitment before the end of this year, PERENews reported, adding that the vehicle is expected to generate a return of 7-10 percent per annum after tax and before fees.

The $2-billion mandate, which was launched in 2018, received an initial co-investment of $200 million from its parent organisation, Teachers Insurance and Annuity Association of America (TIAA), according to the fund’s establishment announcement.

It has recently acquired a 50 percent stake of Odawara Logistics in Greater Tokyo for $230 million, according to PERENews.

The transaction followed the platform’s first acquisition of an office asset in Sydney in late 2018 and a logistics property in Seoul in August this year.

With the latest purchase, it is understood that the vehicle has deployed more than half the capital raised and is reportedly planning its new investment in a multifamily portfolio in early 2020.

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