Nuveen Global Cities REIT Inc. filed a registration statement for a best-efforts offering of up to $5.0 billion of common stock, consisting of up to $4.0 billion in a primary offering and $1.0 billion available under a distribution reinvestment plan.
The company plans to qualify as a real estate investment trust and invest in stabilized, income-oriented real estate in cities around the world, as well as in debt backed by these assets. Nuveen expects that the majority of its assets will be in the United States and a lesser portion will be in Canada, Europe and the Asia-Pacific region. Nuveen expects to invest in a range of asset types, including office, industrial, multifamily, retail and specialty.
The company is externally managed by its adviser, TH Real Estate Global Cities Advisors LLC, an affiliate of TH Real Estate, which is the real estate investment management division of its sponsor, Nuveen LLC, the asset management arm of Teachers Insurance & Annuity Association of America, or TIAA.
Nuveen will offer to sell four classes of common stock, class T, class S, Class D and class I, which have different upfront selling commissions and dealer manager fees, as well as different ongoing stockholder-servicing fees.
TIAA agreed to purchase $200 million of class N stock prior to the commencement of the offering and has already purchased about $74.5 million worth of stock. TIAA further agreed to acquire another $100 million of shares of class N stock between Jan. 1, 2018, and two years after the commencement of the offering.
