Global investment manager Nuveen Real Estate has secured a further €40 million in capital commitments for its pan-European diversified value add strategy, from a Canadian institutional investor. The latest commitment will give the strategy in excess of €500 million of dry powder following initial capital secured last year from Danish pension fund Sampension, Nuveen’s parent company TIAA, and a further Danish institutional investor.
Fundraising for the strategy will continue during 2023, and aims to provide a solution for institutional investors looking to access potential returns through mispricing and repositioning opportunities in line with global megatrends.
The strategy has a cross-sector outlook and will source opportunities across Europe and the UK initially focusing on urban logistics, housing and alternatives. Earlier this year, the strategy announced its first transaction with the acquisition of a high-quality self-storage portfolio in the UK. It comprises four assets totaling 240,000 square feet (22,300 sqm) of predominantly modern, bespoke, purpose-built properties, which are located across the south-east of England including Crawley, Edenbridge, Maidstone and Tunbridge Wells.
The European value add strategy discloses under Article 8 of the sustainable finance disclosure regulation and builds on a strong track record of finding value add opportunities in Europe, with over 85 years of experience investing across multiple market cycles and an established investment process.