Nuveen Real Estate [Asia]

2018 Top 100 Real Estate ranking: 6

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Manager Details

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Nuveen Real Estate is one of the largest investment managers in the world with $129 billion of assets under management.

Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.

With over 80 years of real estate investing experience and more than 550 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.

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*Includes 287 real estate investment professionals, supported by a further 260 Nuveen employees.

Source: Nuveen, 31 Mar 2019.

Sector forecasts

Industrial: Economic conditions across the region are likely to stay robust, even as trade tensions between China and the US have resurfaced. Robust domestic demand will help to offset a potential weakness in global growth and trade in the coming year, supporting ongoing expansion of the industrial sector. The sanguine employment market still reflects solid business and consumer sentiment, underpinning logistics demand. The rapidly expanding e-commerce sector will also raise tenant needs for well-built and well-located logistics facilities. Investment appetite in key regional industrial hubs will persist, with Tokyo, Seoul and Shanghai at the forefront of institutional interests.

Office: Fundamentals continue to point to an overweight recommendation across many principal office markets. In particular, occupier demand continues to strengthen in Tokyo, Singapore, Seoul and Brisbane. The broadly improving macro backdrop and business sentiment will continue to drive rents higher in Singapore and Brisbane, as supply pressures ease. An expansion of the tech sector will help boost demand and rents in Seoul Gangnam. In Tokyo, low vacancy and improving demand will help offset increasing supply in pockets of the market, with Shinjuku office looking particularly attractive. Supply constraints in Sydney CBD have led to an overflow of tenants into secondary locations, benefitting North Sydney and Sydney Fringe in particular.

Residential: Against a relatively positive macro backdrop, low unemployment, and accommodative financing environment, demand for residential investment has stayed strong in key financial hubs across the region. Even with capital controls, Chinese demand for overseas properties has been evident, with Hong Kong, Singapore and Tokyo being beneficiaries. As pricing continues to stay elevated across all sectors at this advanced stage of the cycle, institutional interests in Tokyo multifamily has grown strong traction due to income durability through low volatility and relatively higher income yield. The emergence of co-living in fundamentally tight markets, such as Hong Kong and Sydney, is likely to rise in importance in the coming years.

Retail: Despite an improving consumer environment through low unemployment and rising real household disposable income, there is little question that e-commerce has continued to dampen the brick-and-mortar retail landscape over the past few years, hitting discretionary spending hard. However, together with the emergence of specialised retail brands and experiential shopping concepts, online to offline has helped to partly offset some of the headwinds. F&B leasing demand and non-discretionary retail has also provided good insulation to the structural retail headwinds. Retail, drawing mainly Chinese tourists, in key shopping hubs such as Tokyo, Seoul and Hong Kong, has been more resilient. However, the impact of online shopping and overexpansion of brands is shaping a less sanguine retail outlook across some overbuilt Chinese cities.

Investment principles & strategy

A client-focused culture is at the core of who we are and what we believe our clients expect from us.

We take a stable, risk-aware investment approach to our business, which places our clients and investment teams at the heart of our process. Our fund management teams work closely with our clients to deliver investment performance that meets their objectives. The teams operate within a defined investment process with established risk controls, accompanied by investment committee oversight.

Our ‘Tomorrow’s World’ investment philosophy incorporates strategic insights on megatrends throughout every stage of the investment process, looking beyond market cycles to assess how structural trends can best inform long-term real estate investments. Environmental and social governance is embedded into everything we do for the enduring benefit of clients and society.

Strategic corporate development

We work closely with our clients to develop long-term strategic relationships, to understand their goals and meet their requirements. To ensure we provide each investor with a tailored solution, made up of a range of products and strategies, we have developed our range of solutions to offer the resilient, enhanced and debt series:

  • Our resilient series is designed for investors who are focused on diversification, income and long-term capital growth. Our strategies focus on investing in high-quality assets in leading cities that are well positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.
  • Our enhanced series applies strategies that work within market cycles, use a more active asset management and repositioning approach, and/or invest in emerging sectors and locations. These strategies are designed for investors that are looking for an enhanced level of capital growth.
  • Our debt series is designed to provide investors with access to secure, income-focused returns. Our strategies may suit cautious investors seeking attractive levels of income with a measure of downside protection against short-term capital cycles.

COMPLIANCE STATEMENT // All information is as at 31 Dec 2018 and sourced to Nuveen Real Estate. This profile is intended solely for the use of professionals and is not for general public distribution. The information contained herein was up to date at the time of producing and is subject to change. This information is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. This document is not directed at or intended for any person (or entity) who is citizen or resident of (or located or established in) any jurisdiction where its use would be contrary to applicable law or regulation [or would subject the issuing companies or products to any registration or licencing requirements]. Nuveen Real Estate is a name under which Nuveen Singapore Private Limited provides investment products and services. Nuveen Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”). Issued by Nuveen Singapore Private Limited (Company no. 201322659M), (incorporated and registered in Singapore with registered office at One George Street #14-05 Singapore 049145) which is authorised and regulated by the Monetary Authority of Singapore.

News from Nuveen Real Estate [Asia]

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White Papers / Research from Nuveen Real Estate [Asia]

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Analysis from IPE Real Assets

  • Asia-Pacific’s core catalyst

    Global real estate investors are allocating a larger proportion of their portfolios to Asia-Pacific markets. As a result, Florence Chong reports, pan-regional core funds are growing quickly

  • Retail: Shopping all over the world

    An unprecedented amount of people are travelling the world, with shopping high on the agenda for many

  • China's Belt and Road initiative: New routes to profit

    Will China’s ambitious global development programme provide unprecedented opportunities for infrastructure investors? Christopher O’Dea reports

  • Investor Profiles: Australia

    The AUD2.2trn superannuation fund industry was an early proponent of real estate and infrastructure investment. Florence Chong profiles five of the biggest constituents

  • AustralianSuper: Steering the super ship

    Jack McGougan joined AustralianSuper just before the 2008 crisis. He talks to Florence Chong about pruning its property portfolio and taking it direct

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