The registration statement for Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, has been declared effective by the Securities and Exchange Commission.
The offering consists of up to $4 billion of Class T, Class S, Class D and Class I shares of common stock and up to $1 billion of distribution reinvestment plan shares.
Nuveen Global Cities REIT plans to invest primarily in stabilized, income-oriented commercial real estate located in and around leading cities in the United States, Canada, Europe and the Asia Pacific region.
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. The initial per share purchase price was $10.10 per share, plus applicable upfront selling commissions and manager fees.
Class T shares have a 3 percent maximum selling commission, a 0.5 percent dealer manager fee, and an annual 0.85 percent stockholder servicing fee paid to the dealer manager.
Class S shares have a 3.5 percent maximum selling commission and an annual 0.85 percent stockholder servicing fee.
Class D shares have no selling commissions and include an annual 0.25 percent stockholder servicing fee.
Class I shares have no selling commissions, dealer manager fees, or stockholder servicing fees.
The minimum initial investment for Class T, Class S, and Class D shares is $2,500, while Class I shares have a $1 million minimum.
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 Securities LLC is acting as the dealer manager for the offering. Nuveen is the asset management subsidiary of the Teachers Insurance and Annuity Association of America.