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In December 2016, the Fund signed contracts to acquire the Cube, an office development project in Berlin. The 17,239 sq m building, completed in June 2020 and represents the European Citied Fund's 14th investment.
The iconic office asset has a striking glass façade and integrates the latest smart technology and is in a prime location between the Parliament Quarter and Hauptbahnhof Station, next to the River Spree. This is part of a long-term regeneration area called ‘Europacity’ and is one of the most important development areas in Berlin.
Being 100% pre-let to a strong occupier mix from legal and financial services sectors, on predominantly 10-year leases, the Cube is also under-rented on acquisition, experiencing strong rental growth and high occupational demand since the leases were signed, a result of Berlin being one of the top performing office markets in Germany.
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The European properties listed are owned by European Cities Fund (ECF), in which Nuveen Global Cities REIT (REIT) has invested $75 million as of 30 June 2022. ECF has $1.8 billion in gross asset value as of 30 June 2022 excluding forward commitments. The REIT does not charge investors for management of this commitment. Investors indirectly pay the underlying management fee of ECF, on the amount of their commitment to the fund, which is lower than the REIT’s management fee. The REIT will not have direct control over ECF and therefore a part of the REIT’s performance will be affected by decisions made by ECF.
These properties represent select holdings at the time of publication and are not meant to represent the entire portfolio. The opinions expressed are reflective of the manager's views at the time of acquisition.