Nuveen Real Estate has raised $660m (£502m) to launch its open-end investment vehicle US Cities Industrial Fund.
The fund acquires and manages industrial properties across the US and capital was raised from institutional investors across North America, Europe and Asia-Pacific.
Nuveen’s parent company, TIAA, committed $150m to the fundraise.
The fund has acquired a $1.3bn portfolio compromising 45 buildings covering 11.4m sq ft across 12 “strategic US logistics markets”.
Nuveen manages approximately $16.9bn of logistics investments globally. Its industrial holdings in the US stand at $13.2bn.
Brian Tilton, managing director, portfolio manager of the fund, said: ““The US Cities Industrial Fund provides investors with broad-based logistics exposure while strategically concentrating investments in buildings that are closest to consumers and in markets with strong fundamental growth opportunities, together capitalising on secular demand trends driven by e-commerce and urbanisation.”
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