Dutch pension funds PMT and PME have committed $450m (€413m) to Nuveen Real Estate’s US cities multifamily strategy.
Nuveen said the capital, secured from the pension funds’ asset manager MN, will be deployed over multiple years as it targets opportunities as they arise.
The latest capital increases the US Cities Multifamily strategy’s capital commitments to $2bn since its initial launch in early 2019. At launch, the US Cities Multifamily Fund received a $450m capital commitment and seed portfolio from a third-party investor, alongside a $100m co-investment from Nuveen Real Estate’s parent company, TIAA.
MN also has a partnership with the Nuveen European Core Renewable Infrastructure (NECRI) strategy together with TIAA. MN committed $600m to launch the NECRI strategy together with the Nuveen parent.
Gabi Stein, the head of EMEA and APAC real assets specialists at Nuveen, said: “MN Services is a valued partner for Nuveen and we are extremely proud to have secured continued trust from such a large-scale pensions investor.
”To have a relationship with a party such as MN across our infrastructure and real estate capabilities not only demonstrates the strength of our sector investment capabilities but is also a clear indicator of the continued demand for investors to access alternative investments in private markets.”
Jeroen Reijnoudt, principal portfolio manager at MN, said: “Nuveen has been selected because of the proven track record, the focus on income returns, the large dedicated team and the tilt towards ESG in this strategy.
”The strategy is plotted on the CRREM pathway, is participating in the GRESB, underwrites and fits the MN sustainability goals. This investment is the second-largest commitment to Nuveen in the real assets category.”
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