US fund manager Nuveen Real Estate has gone for a subsector of the Nordic housing market as it seeks to deploy €350 million of dry powder for a value added strategy.
Its debut single housing investment for its European value add fund is the €42 million capital commitment for an initial 141 units across four single family estates in Helsinki, Finland.
The deal comes as it extends fundraising for the whole year, and while the firm focuses on 'mispricing and repositioning' opportunities in line with global megatrends. Currently, the strategy has in excess of €350 million of dry powder following an additional closing in March this year.
Nuveen is forward funding the Helsinki development, and is partnering with developer Toivo Group Oyj for the affordable and energy-efficient homes. Alongside Toivo, and local operating partner, Trevian, Nuveen has ambitions to build out additional single family estates in the region, which will help to provide a high quality, sustainable rental housing solution. In the Nordics, Nuveen manages over €200 million of assets across the housing sector and has firm ambitions to become one of the region’s leading investment managers in the living space.
Source: propertyeu.info on the 29th of May, 2024
https://propertyeu.info/Nieuws/Nuveen-value-add-fund-makes-first-single-family-acquisition/0727db97-08e7-4d8e-8ab6-26b10b214143