Nuveen secures €150m for fourth debt strategy against €500m target

Nuveen Real Estate, one of the largest investment managers in the world with $152 billion of assets under management, has completed the first closing of its fourth debt strategy in the European commercial real estate debt series.

The fund secured €150 million ($161 million) in initial commitments from several German institutional investors, joined by Nuveen’s parent company, TIAA. The strategy is targeting a total capital raise of €500 million ($538 million).

“Since the global financial crisis, the European real estate debt market has changed significantly,” said Christian Janssen, head of commercial real estate debt, Europe, at Nuveen Real Estate. “The retrenchment of traditional bank lenders and the impact of the coronavirus pandemic has created a significant opportunity for non-bank lenders to enter the European real estate debt market and grow its market share. As such, we believe European commercial real estate debt can offer investors attractive risk-