Nuveen LLC, the asset management subsidiary of the Teachers Insurance and Annuity Association of America, is launching a $5 billion non-traded REIT called Nuveen Global Cities REIT Inc., according to a registration statement filed with the Securities and Exchange Commission.
The REIT plans to invest in stabilized, income-oriented commercial real estate properties located in the United States, and to a lesser extent, Canada, Europe and the Asia-Pacific region.
Nuveen Global Cities REIT plans to offer $4 billion in Class T, Class S, Class D, and Class I shares of common stock, as well as $1 billion in distribution reinvestment plan shares. Shares will be offered on a continuous basis at a price generally equal to the net asset value per share of each class of common stock, updated monthly.
Class T shares are initially priced at $10.35 each and include a 3 percent selling commission, a 0.5 percent dealer manager fee, and an annual 0.85 percent stockholder servicing fee paid to the dealer manager, Nuveen Securities LLC. The minimum initial investment is $2,500.
Class S shares are initially priced at $10.35 each and include a 3.5 percent selling commission and an annual 0.85 percent stockholder servicing fee. The minimum initial investment is $2,500.
Class D shares are initially priced at $10.00 each and have no selling commissions and include an annual 0.25 percent stockholder servicing fee. The minimum initial investment is $2,500.
Class I shares are initially priced at $10.00 each and have no selling commissions, dealer manager fees, or stockholder servicing fees. The minimum initial investment for Class I shares is $1 million.
Nuveen Global Cities REIT is sponsored by Nuveen LLC and externally advised by its affiliate, TH Real Estate Global Cities Advisors, an affiliate of TH Real Estate. Nuveen Asset Management manages over $4 billion in real estate securities across institutional separate accounts and an open-end mutual fund, as of September 30, 2017.