Nuveen Global Cities REIT acquires first direct European property

Nuveen Global Cities REIT (GCREIT), a public, non-listed NAV real estate investment trust advised by Nuveen Real Estate Global Cities Advisors and an affiliate of Nuveen Real Estate, has closed on the acquisition of a four-property residential portfolio consisting of 84 rental units, located in Copenhagen, for an aggregate purchase price of about $34 million.

Built between 2019-2022, the class A housing portfolio is 100 percent occupied, with mid-level rental rates, consistent with GCREIT’s housing strategy to focus on middle-income renters and capture a wide demographic. The properties are located within 30 minutes of Copenhagen’s city center and are walking distance to highly rated schools and public transportation. All four assets are rated as Energy Label A or are in-process to receive the designation.

“The combination of Denmark’s strong economy and AAA credit rating, Copenhagen’s highly favorable demographics and projected growth, and the Copenhagen ren