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Nuveen Real Estate's response to coronavirus
As a global business with more than 600 employees, operating across over 25 cities and serving clients around the world, Nuveen Real Estate’s top priority is to preserve the health and welfare of our people, business partners, tenants and clients, and to serve all of our stakeholders according to the highest standards.
To meet those priorities during these extraordinary times, shaped by the spread of the coronavirus (COVID-19), we are drawing on long-established business continuity plans. These plans include additional resources, preparations and strategy across Nuveen and our parent, TIAA.
We want to assure you that our plans and procedures cover all aspects of our investment management and client-servicing operations and are designed to ensure optimal service levels are maintained and the impact caused by any disruption is minimised.
Ongoing vigilance
- We continuously monitor health and safety conditions on the ground in every country where we operate and can resort to work-remote or recovery-site solutions immediately as necessary.
- Our operations, including trading and all aspects of portfolio management, are not dependent on any single location thanks to large, globally dispersed teams that can move activities to alternate locations.
- Our data centers, which are continuously tested and monitored, can run unmanned for several weeks and, if necessary, remotely switched over to recovery facilities.
- We regularly update employees with guidance that aligns with the relevant national health authorities and the World Health Organization (WHO).
- Members of our senior leadership team are meeting daily to monitor conditions and update policies and procedures, as warranted.
- All non-essential business travel has been suspended until further notice.
- We have encouraged all associates globally at this time to work from home (effective March 16, 2020).
Nuveen's assets and investment activity
We are committed from both strategic and operational perspectives to ensuring our preparedness for, and response to, the coronavirus threat are proportionate, relevant and best placed to protect our partners and investments.
Our preparations follow three main themes.
Communication: We are actively communicating and working with:
- Suppliers at the fund and property levels (such as property managers and operating and JV partners) to ensure our assets can continue to be operated and supported – this includes incremental cleaning and disinfecting, as appropriate, amongst other measures;
- Tenants to ensure the implications of the coronavirus on their business performance and our relationship are understood and mitigated, where possible;
- Local authorities and communities where we operate to adapt our operational plans accordingly;
- Clients and stakeholders to keep you well informed as events evolve.
Informed decision making: Our Real Estate teams have established a daily meeting to review and respond to the latest news flow so that the business is well placed to respond. In particular, this information is relayed to:
- Internal teams to ensure we are responding across teams and departments in a holistic way;
- Our Investment Committee (as well as other governance committees). We remain consistently committed to pursuing risk-adjusted returns and outcomes that help investors meet their goals and objectives, but we are doing so in a way that ensures the inclusion of the latest facts.
Detailed portfolio and asset-level preparations: We are ensuring each investment we manage has relevant and thorough contingency plans in place. Recognising each investment and investment portfolio is unique, our teams will be reaching out to you about any specific information and plans specifically relevant to you in the coming days and weeks.
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