Nuveen Real Estate’s US multifamily and industrial funds have raised an additional $327m (€276m) and $176m respectively.
The manager said including the latest commitment, the US Cities Multifamily Fund has now raised $1.02bn in total from eight investors and the newly launched US Cities Industrial Fund has also raised $836m in total from 15 investors in the US and abroad.
Nikita Rao, portfolio manager, US Cities Multifamily Fund, said: “We continue to experience strong investor demand for the US cities multifamily fund from institutions seeking income opportunities during what has proven to be an extremely challenging environment.
“The cities we invest in remain attractive destinations for middle income and millennial renters, supporting our thesis that these locations are resilient and continue to deliver attractive long-term cash flow opportunities.”
Brian Tilton, portfolio manager, US Cities Industrial Fund, said: “The US cities industrial fund’s strategy and portfolio are performing very well in the current environment during which COVID-19 has proven to be an accelerant for e-commerce activity, bolstering secular demand trends for warehouse space.”
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