An unnamed Canadian institutional investor has made a €40m commitment to Nuveen Real Estate’s pan-European diversified value-add strategy.
Nuveen said the latest commitment will give the strategy in excess of €500m of dry powder, adding that the fundraising for the strategy will continue during 2023.
As previously reported Nuveen’s first dedicated pan-European diversified value-add strategy secured around €180m in initial commitments from investors including Danish pension fund Sampension, a Danish institutional investor and Nuveen’s parent company, TIAA.
The Article 8 strategy, under the EU Sustainable Finance Disclosure Regulation, will source opportunities across Europe initially focusing on urban logistics, housing and alternatives.
Earlier this year, the strategy announced its first transaction with the acquisition of a 240,000sqft self-storage portfolio in the UK.
David Pearce, Europe real estate fund manager at Nuveen, said: “The macro-economic backdrop continues to have a profound impact on the European real estate landscape, presenting a unique opportunity for us to leverage our track record and experience to source attractive risk-adjusted returns in our target sectors with a particular focus on housing, student accommodation, self-storage and light industrial.”
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