Nuveen Real Estate expands its U.S. industrial platform with acquisition of 29 million square foot portfolio
Nuveen Real Estate, one of the largest global real estate investment managers, has significantly expanded its US industrial platform through the acquisition of a major national logistics portfolio exceeding 100 properties across 12 markets. The total value of the portfolio is approximately $3 billion and is comprised of urban infill, light industrial and bulk logistics assets.
“This pivotal transaction provides an attractive opportunity to further enhance Nuveen Real Estate’s U.S. industrial platform and broaden our logistics holdings across strategic distribution hubs including coastal markets with high barriers to entry,” said Graydon Bouchillon, Managing Director and Head of U.S. Industrial Sector at Nuveen Real Estate.
The portfolio is comprised of nearly 29 million square feet of logistics space with focused concentrations in Southern California, Northern New Jersey, Dallas, Chicago, Baltimore and Washington D.C. markets. The portfolio was acquired from Blackstone. Eastdil Secured served as advisor to Blackstone.
“We continue to believe that the industrial sector will outperform as supply remains constrained in certain markets and e-commerce tailwinds remain prevalent,” added Bouchillon. “Our 80 million square foot US industrial platform will continue to look for measured, strategic growth opportunities in an effort to provide Nuveen investors with broad diversification and exposure across the logistics landscape.”
Nuveen Real Estate has been investing in the industrial sector since 1953 and currently manages approximately $17.2 billion of logistics properties globally. The firm’s U.S. industrial holdings now approximate $15 billion across both equity and debt investments in the sector.
Nuveen Real Estate:
Nuveen Real Estate is one of the largest investment managers in the world with $130 billion of assets under management.
Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
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*Includes 314 real estate investment professionals, supported by a further 290+ Nuveen employees.
Source: Nuveen, 30 June 2019.
Notes to Editors
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