Nuveen deepens relationship with MN, securing $450m for multifamily strategy
Nuveen Real Estate has secured a $450 million commitment from MN Services (MN), one of the top three fiduciary managers for Dutch pension funds, for the Nuveen Real Estate U.S. Cities Multifamily strategy.
The committed capital is from MN’s two largest clients, Dutch pension funds PMT and PME, and will be deployed over multiple years. The strategy is positioned to make use of opportunities as a result of market conditions.
The U.S. Cities Multifamily strategy is a diversified housing strategy that aims to provide consistent income returns through cycles and enhanced long-term capital growth by accessing the largest rentership base within the U.S., comprised of millennials and middle-income renters. The commitment from MN brings the total capital for the strategy to c. $2 billion since the initial launch in early 2019.
The latest commitment from MN follows the $600 million committed earlier this year to launch the Nuveen European Core Renewable Infrastructure