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NEW YORK—Nuveen Real Estate has raised $660 million to launchits US Cities Industrial Fund, an open-ended vehicle that isacquiring industrial properties in select US markets.

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As part of its first close, the fund acquired a $1.3 billionseed portfolio of 45 industrial properties totalling 11.4 millionsquare feet in 12 US logistics markets. No other details wereprovided about this transaction.

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Institutional investors participating in the fund's first closecame from North America, Europe and Asia-Pacific and included a$150 million commitment from Nuveen's parent, TIAA.

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Nuveen Real Estate has been investing in the industrial sectorsince 1953 and currently manages $16.9 billion of logisticsinvestments globally. The firm's US industrial holdings nowapproximate $13.2 billion across both equity and debt investmentswith exposure to 247.2 million square feet in the US. Specifically,the US Cities Industrial Fund is concentrating on buildings thatare closest to consumers and in markets with strong fundamentalgrowth opportunities and that capitalize on e-commerce andurbanization trends, said Brian Tilton, portfolio manager of thefund, in prepared remarks.

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