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Nuveen Real Estate’s European Cities vehicle raises c. €130 million
Focusing on selected cities across the region, the European Cities vehicle is one of six strategies amongst Nuveen Real Estate’s global resilient series. The platform seeks to deliver diversification, income and long-term capital growth for its investors. It targets assets in European ‘future proof’ cities that the firm believes are best positioned for demographic and structural growth.
Andrew Rich, Fund Manager at Nuveen Real Estate, comments: “The continued commitment from current investors, and interest from new parties, solidifies confidence in the European market for high-quality assets in key gateway cities. Since the launch of the vehicle in 2016, we have assembled a €2 billion portfolio of 13 high-quality assets, including one under development, and have raised c. €1.3 billion from 24 investors based across the globe. Although we continue to invest in new opportunities, we also extensively manage our existing portfolio to ensure they are providing strong returns for our investors and enjoyable experiences for the users.”
The vehicle currently owns 13 prime assets across Europe, in major cities such as London, Madrid, Amsterdam and Paris, including a forward-commitment to cube Berlin, a c. 200,000 sq ft (18,500 sq m) office development next to the Hauptbahnhof, which is due to complete later this year.
In 2019, the vehicle’s Kamppi Shopping Centre in Helsinki welcomed Japanese retailer MUJI, as it opened its largest European store, and its first in Finland, at the centre. Meanwhile, AliExpress, the global retail online marketplace belonging to Chinese retailing giant Alibaba, opened its first, permanent, physical store in Europe at the Xanadú shopping centre in Madrid.
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