Nuveen Real Estate Raises $330 Million for U.S. Cities Retail Fund

Allocations from Multiple Australian Institutional Investors including Retail Employees Superannuation Trust Demonstrate Growing Global Demand for Necessity-based Retail Strategy

NEW YORK, March 17, 2026 /PRNewswire/ -- Nuveen Real Estate, one of the largest real estate investment managers globally, today announced it has raised $330 million for its U.S. Cities Retail Fund ("USCRF") from three Australian superannuation funds, marking the largest allocation into the strategy from the region to date. The Retail Employees Superannuation Trust ("Rest"), the Australian profit-to-member superannuation fund, anchored the capital raising with a $250 million commitment.

The significant capital raise represents a pivotal moment for USCRF, an open-ended fund launched in 2018 that is one of the few Open End Diversified Core Equity-benchmarked retail vehicles available in the market today. The fund targets necessity-based neighborhood retail properties anchored by grocery and daily needs tenants, focusing on high-liquidity markets where consumers live and work, and where well-capitalized retailers are looking to expand. The strategy directly addresses changing consumer behaviors by prioritizing convenience and experience within a grocery-anchored portfolio, seeking to offer resilient income while adapting to how consumers shop today.

"Our commitment to Nuveen's U.S. Cities Retail strategy reflects our confidence in necessity‑based retail as a resilient, income‑generating sector that can support long‑term returns for our members." said Andrew Bambrook, Head of Real Assets, Investments, Rest. "Rest manages the retirement savings of more than two million Australians, and in doing so we seek investments that can provide reliable, risk-adjusted returns across market cycles. USCRF offers this combination, with stable cash flows supported by essential everyday consumer spending, alongside the potential for capital growth as the portfolio scales. This further diversifies our property asset class and spreads our exposure to the retail sector across different property types, categories and geographies, which we believe will improve the stability of portfolio income over time."¹

"This capital raise validates the strength of our investment thesis at a time when necessity-based retail continues to demonstrate exceptional resilience," said Brian Wallick, Portfolio Manager for the U.S. Cities Retail Strategy, Nuveen Real Estate. "The scale of these commitments from sophisticated investors like Rest speaks to the appeal of grocery-anchored neighborhood retail and a recognition that not all retail is created equal. Our strategy sits at the intersection of enduring consumer trends: the demand for convenience, the importance of experience in physical retail, and the fundamental need for daily essentials regardless of economic conditions. We look forward to partnering with Rest and our Australian investors to deliver on their investment objectives through a portfolio of high-quality neighborhood retail assets in the markets where Americans live, work, and shop every day."

The capital raised reflects broader investor demand for strategies that redefine traditional retail exposure. Rather than viewing retail as a monolithic asset class, sophisticated investors are distinguishing between experiential, necessity-based formats in strong demographic markets and commoditized retail in secondary locations. USCRF's focus on the former aims to capitalize on secular tailwinds, including urbanization, the integration of physical and digital shopping experiences, and consumers' preference for convenience.

With a geographically dispersed, vertically integrated team, Nuveen seeks to identify opportunities to unlock value and drive performance across the USCRF portfolio. The fund benefits from Nuveen's broader retail platform, which manages $8 billion in assets under management, representing $17 billion in gross value across a diversified national portfolio that includes some of the country's most iconic retail assets.

Media Contact
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About Nuveen Real Estate

Nuveen Real Estate is one of the largest investment managers in the world with $137 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to a broad range of real estate investing opportunities. With over 90 years of real estate investing experience and more than 600 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers global reach with deep sector expertise, providing investors access to high quality investments across the private real estate investment landscape.

For further information, please visit us at nuveen.com/realestate

*Nuveen Real Estate has over 600 dedicated employees, including 312 real estate investment professionals, further supported by ~1,100 shared services employees.

Source: Nuveen, 31 December 2025.

¹ This testimonial was provided by a current investor in the U.S. Cities Retail Fund, and no direct or indirect compensation was given in return. No material conflicts of interest exist on the part of the entity giving the testimonial, resulting from their relationship with the adviser. Results experienced by Rest may not be representative of the experience of other clients, and there is no guarantee of future performance or success.

Important: product being discussed is only available to accredited and institutional investors.

Past performance is not a guarantee of future results.

Investing in the Fund involves material risks, including the risk that an investor may receive little or no return on their investment or that an investor may lose part or all of their investment.

Real-estate investments and the ability to capitalize on secular trends are subject to market, tenant, liquidity and valuation risks and income and capital growth and are not guaranteed and may fluctuate.

Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Real Estate securities products distributed in North America are advised by U.K. regulated subsidiaries or Nuveen Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member of FINRA and SIPC.

SOURCE Nuveen