Nuveen Plans $5B IPO for Non-Traded REIT

TIAA headquarters at 730 Third Ave. in Midtown Manhattan. (Photo: Secure Source Energy)

NEW YORK CITY—Joining a field of institutional heavyweights that already includes Blackstone and Starwood Capital Group, TIAA’S Nuveen LLC plans to raise up to $5 billion with an initial public offering for its non-traded REIT. The newly organized Nuveen Global Cities REIT filed a registration statement with the SEC just before the Christmas holiday weekend; it will be externally advised by a TH Real Estate affiliate.

“Our objective is to bring TH Real Estate’s leading real estate investment platform with an institutional fee structure to the public, non-listed REIT industry,” according to the Nuveen REIT’s registration statement. “We will seek to build a diversified portfolio of high quality, stabilized, income-orientated commercial real estate with good fundamentals located in or around certain global cities that have been identified, through TH Real Estate’s research and filtering process, for their resilience, structural performance potential and ability to deliver an attractive and stable distribution yield.”