Nuveen Real Estate has raised $330 million for its U.S. Cities Retail Fund (USCRF) from three Australian superannuation funds, marking the largest allocation into the strategy from the region to date. The Retail Employees Superannuation Trust (Rest), the Australian profit-to-member superannuation fund, anchored the capital raising with a $250 million commitment.
The significant capital raise represents a pivotal moment for USCRF, an open-ended fund launched in 2018 that is one of the few Open End Diversified Core Equity-benchmarked retail vehicles available in the market today. The fund targets necessity-based neighborhood retail properties anchored by grocery and daily needs tenants, focusing on high-liquidity markets where consumers live and work, and where well-capitalized retailers are looking to expand. The strategy directly addresses changing consumer behaviors by prioritizing convenience and experience within a grocery-anchored portfolio, seeking to offer resilient inc
