Singapore state investment fund Temasek and New York-based Teachers Insurance and Annuity Association of America were anchor investors for Nuveen’s first commingled Australian commercial real estate debt strategy, the $1.2 trillion fund manager announced in a statement on Dec. 5.
Nuveen, which is owned by TIAA, had its first close for the fund with A$200 million ($128 million) each committed by Temasek and TIAA. The fund is expected to grow as other global investors are currently progressing due diligence, the statement said.
The strategy focuses on institutional senior and junior secured real estate loan investments in Australia, primarily in the industrial, logistics and residential sectors. The fund will also take a selective approach to retail, office and alternatives across major cities in Australia.
Already, the fund has secured a “large seed loan portfolio and pipeline,” the statement said, without providing details.
The team led by Dugald Marr, head of debt in Australia and New Zealand, is responsible for the strategy. The strategy is also aligned with Nuveen Real Estate’s responsible investment processes and ESG factor analysis.
Nuveen Real Estate had $143 billion of assets under management as of Sept. 30, Temasek had S$389 billion ($287.9 billion) in assets as of March 31, and TIAA had $1.28 trillion as of Dec. 31.
