Nuveen Real Estate [North America]

2018 Top 100 Real Estate ranking: 6

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Manager Details

Nuveen Real Estate is one of the largest investment managers in the world with $130 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, 30 June 2019.

Sector forecasts

Retail: Despite the negative headlines and distress surrounding US retailers and US retail real estate space, US retail real estate has recorded 18 consecutive quarters of rental growth. This growth is expected to continue, despite vacancy concerns. Retail and food sales recently recorded the largest year-over-year gain since 2012. While consumer preferences continue to shift towards e-commerce, a majority of digital buyers still plan to shop in-store for certain items such as groceries and luxury items. We expect high-performing, experiential retail properties to thrive in the coming decades while lowperforming retail properties will be repurposed. The retail sector experienced weak deal volume in the first half of 2018 as institutional investors wait to see how the retail sector will evolve in the coming years.

Industrial: Industrial is on track to produce the highest total returns, relative to all other property types in 2018. Industrial rental growth has been robust across the region since 2013 and shows few signs of abating. Rental growth has been particularly strong in the coastal markets. In more recent years, e-commerce sales have accounted for nearly one-third of US industrial demand. While industrial supply has risen in recent years, it remains below historical averages and demand continues to outpace supply. As a result, availability is currently at a cyclical low. In our view, industrial will remain the most sought-after sector in the near- and medium-term given its strong underlying demand drivers.

Residential: National apartment market conditions remain healthy but are expected to soften as new supply delivers in 2018 and 2019. The US economy continues to support strong rental demand and growth, but elevated supply levels have led to moderation in rent growth and increased concessions. Despite near-term supply headwinds, the apartment sector boasts significant momentum in prices relative to other property types, as investors recognise that the apartment sector will benefit from long-term demographic demand from both generation Y and Z (per RCA CPPI index). We believe millennials and generation Z, particularly those in middle-income households, will continue to drive demand for US apartments in the coming decades.

Office: Relative to the mid-2000s’ cycle, US office markets in this cycle have performed modestly. Rents have struggled to grow near inflationary levels and the current US office vacancy rate remains above the low it experienced in 2007. Finance and professional business services have been the traditional drivers of demand for office space, but technology, media and fashion have generated demand during this cycle. As office tenant preferences and demands evolve in Tomorrow’s World, the amount of co-working space continues to rise across US office markets. In our view, office is undergoing long-term structural changes that will result in landlords viewing office as less of a ‘space to be rented’ and more as a ‘service to be provided’ to tenants.

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 31Dec 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 real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.

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Head Office
730 Third Avenue
New York
United States

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