Nuveen has secured over A$400m (€244.5m) in anchor commitments for its debut Australian commercial real estate debt strategy from its parent TIAA and Singapore’s state-owned investment firm Temasek.
The fund has closed, but other global investors who are currently undertaking due diligence on the fund are expected to provide additional commitment.
The strategy is focussing on institutional senior and junior secured real estate loan investments in Australia. It will primarily look to the industrial, logistics and residential sectors, with a selective approach to retail, office and alternatives across major cities in Australia.
The manager its debt team had already secured a large seed loan portfolio and pipeline with the backing of TIAA for the benefit of current and future investors.
Dugald Marr, head of debt in Australia at Nuveen Real Estate, said: “Australia’s mature market, supported by robust economic foundations, strict regulatory requirements for banks and the need for more alternative capital sources provides a good foundation for long-term investment in this space.“
GraceTeo, head of Southeast Asia Institutional at Nuveen, said: “This milestone for the strategy, and partnership with such high calibre investors in the region, truly showcases Nuveen’s pedigree in real estate investment and our ability to bring regionally tailored solutions across both equity and debt platforms.“
To read the latest IPE Real Assets magazine click here.
