TH Real Estate raises additional €422m for European Cities Fund
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA) and one of the largest real estate investment managers, has raised an additional €422 million ($492 million) for its European Cities Fund from five international investors. The European diversified core, open-ended fund now comprises investors from Germany, Austria, The Netherlands, Italy, Ireland, the United States and Australia. To date, the fund has raised €1 billion ($1.16 billion) in equity.
Launched in March 2016, the fund has since secured an initial portfolio comprising high-quality assets totaling €940 million ($1.09 billion), with a further two deals close to completion. This portfolio offers investors direct access to €1.6 billion ($1.86 billion) of real estate across Europe’s most dynamic and resilient cities. This most recent capital raise provides a further €550 million ($642 million) of total investment capacity for additional assets across the office, industrial and retail sectors.
Current holdings in the fund include Helsinki’s premier shopping center, Kamppi; Xanadu Shopping Centre in Madrid alongside Intu; The Omni Centre in Edinburgh, a mixed-use scheme adjacent to the Edinburgh St. James development; and the forward funding of The Cube in Berlin, a prime office development. Further office investments are close to completion.
In additional fundraising, TH Real Estate recently held a $245 million close for CASA Partners VII (CASA VII) in October, the seventh fund in a series of multifamily housing club funds. The fund is focused primarily on U.S. value-added rental housing and seeks to provide its investors enhanced returns with high sustainable income.
