Nuveen Real Estate has raised over $480m (€430m) for two of its Asia Pacific strategies.
The manager said it has raised more than $420m for its Asia Pacific Cities platform from eight European investors over the course of this year, in addition to $60m for its China outlet mall platform, from a Dutch financial services company.
The Asia Pacific cities platform, which focuses on selected cities across the region, recently acquired a logistics facility in Greater Tokyo, following its first acquisition of an office asset in Sydney in late 2018 and its purchase of another logistics facility in Seoul in August.
The China outlet mall franchise, which has seven assets in the series, focuses on designer outlet malls across Greater China.
Louise Kavanagh, managing director, said: “The healthy amount of capital that we have raised means that we now have a queue of equity ready to deploy into our carefully selected markets and allows us the flexibility to continue to diversify across asset classes and geographies.
“Our first three acquisitions also provide a combined weighted average lease expiry in excess of nine years, underpinning a resilient income.”
John Sharp-Paul, head of portfolio management, said: “We have seen our China outlet mall strategy become increasingly appealing to sophisticated institutional investors globally. We have confidence in the outlook for the luxury design outlet malls sector, given China’s rising middle-class population and fast-growing retail sector.
“Our designer outlet malls, which are inherently experiential centres, combining unique architecture and village-style concepts to create an immersive effect for shoppers, continue to be customers’ preferred shopping destinations.”