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Nuveen Real Estate Asia Pacific strategies raise c.$500 million

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  • Over $420m raised for Asia Pacific Cities platform from eight investors across Europe
  • $60m raised for China outlet mall platform 
  • Robust interest from Europe for real estate assets across Asia Pacific 

Nuveen Real Estate, one of the largest global real estate investment managers, has raised over $480 million for two of its Asia Pacific strategies: in excess of $420m for its Asia Pacific Cities platform from eight European investors over the course of this year, in addition to $60 million for its China outlet mall platform, from a Dutch financial services company. 

Focusing on selected cities across the region, the Asia Pacific cities platform is one of six strategies amongst Nuveen Real Estate’s global resilient series. Investing in ‘future-proof’, gateway cities across the region, the platform 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. Investors in the strategy include Swiss and German institutions, as well as private pensions, among others.

The China outlet mall franchise focuses on the long-term exposure to a scalable portfolio of leading designer outlet malls across Greater China, in order to access the country’s fast-growing high-end retail sector. There are seven assets in the series with Florentia Village, Chongqing, as the next asset to open in late 2020.

Louise Kavanagh, Managing Director, comments: “We are delighted with the success of the Asia Pacific Cities platform so far, particularly as we launched less than one year ago. 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, adds: “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.” 

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