Nuveen Real Estate hits $660m first close for US industrials fund

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$130bn-managing Nuveen Real Estate has raised $660m of capital commitments for the first close of its US Cities Industrial Fund.

The fund’s commitments included $150m for the Nuveen’s parent organisation, the Teachers Insurance and Annuity Association of America.

The open-end core real estate fund will focus on industrial properties located in select cities across the United States.

“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 Nuveen managing director Brian Tilton.

Alongside the first close, Nuveen has bought a $1.3bn seed portfolio comprised of 45 partially-leased, Class A buildings in 12 strategic US-based logistics markets and representing around 11.4 million sq ft.

Nuveen Real Estate has been investing in the industrial sector since 1953 and currently manages close to $16.9bn of logistics investments.

The firm typically invests in US-based properties across the multifamily, retail, office and industrial sectors.

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