Nuveen Real Estate Launches Global Impact Investing Sector

Nuveen Real Estate has launched a comprehensive global impact investing sector that will focus on building the vitality and sustainability of entire communities by enriching the lives of their residents.

The new global real estate sector will provide strategies that address some of the most pressing social and environmental challenges in the U.S., Europe and the Asia-Pacific region (APAC), supporting growth goals of up to $15 billion in real estate assets under management by 2026.

Specifically, the mandate is designed to improve communities by providing supportive services, enhancing residents’ quality of life and financial outcomes and ensuring affordable, sustainable and climate safe housing, while supporting Nuveen’s commitment to making its global property portfolio net zero carbon by 2040. Nadir Settles will serve as global head of impact investing and Pamela West as senior portfolio manager, impact investing.

“We are competitively positioned to deliver a market-leading sector globally and at scale,” said Chris McGibbon, Nuveen global head of real estate. “Under Nadir and Pamela’s leadership, I am confident that this new sector will address some of the most pressing challenges in local real estate across the globe, while creating an avenue for investors to have a significant impact. ”

The new real estate impact sector will invest in early-stage projects and take an impact-led approach to increase the supply of social and affordable housing by targeting low-income and disadvantaged populations, while also focusing on regeneration projects within healthcare, education and transportation services.

“By leveraging Nuveen Real Estate’s industry expertise, we are going beyond just affordable housing to focus our attention on community revitalization,” Settles said. “We see an immediate opportunity to scale our strategy and leverage our leading position in the industry to support tenant well-being and create a more sustainable future.”

Settles will lead an international team across the U.S., Europe and APAC in identifying and pursuing relevant real estate impact investments, while growing the overall sector. Settles will also continue to lead investments as head of the New York office.

Pamela West brings 25 years of industry experience, of which nearly a decade has been dedicated to deploying capital into affordable housing strategies and addressing social and environmental issues. She will continue to oversee the framework’s strategy, portfolio construction and client relationships.

In April, the firm launched the German living impact platform to deliver social and environmental impact through affordable housing. Nuveen also recently closed its first global private equity impact platform, which targets investments that promote energy efficiency and an expansion of services for underserved communities.

“We have been very intentional about bridging our core competency in real estate with community impact,” West said. “Our portfolio is dedicated to creating change by placing environmental and social impact at the heart of our investment strategy, which ultimately drives better outcomes for residents and inclusive communities while delivering a healthy financial return.”