Aussie super funds to invest US$190m in US Cities alternative workplace assets

Oksana Patron

23 May 2023

Nuveen has announced it has secured US$190 million investment from three Australian superannuation which will be invested in its US Cities Workplace strategy which focuses on “alternative workplace assets”.

The three funds, which together manage over $176.5 billion of retirement savings on behalf of more than 2.5 million members, are Cbus Super, Hostplus and TWUSUPER.

The Nuveen’s strategy, which has been built around innovation, healthcare and technology drivers, aims to invest in alternative workplace assets such as the medical office, life science, technology R&D  and studio productions sectors in those pockets of American cities which are best positioned to benefit from demographic and structural growth.

The firm said the this underlying subsector not only offered solid diversification, but it also proved to have been particularly strong through the pandemic period.

“We are thrilled to be growing our Australian footprint and deepening relationships with local institutions who value our unique global and sectoral expertise,” Andrew Kleinig, managing director and head of Australia at Nuveen, said.

“For us, this is the exciting start of four new partnerships with institutions looking to generate long term income for their investees.

“Against a difficult economic background, we see fundamental opportunities in the US alternative workplace sector and look forward to sharing these with our new partners.”