TIAA-CREF Asset Management has launched TIAA-CREF US Real Estate Fund I, a closed-end fund that will invest primarily in core real estate in the office, retail, industrial and multifamily sectors across the US. The vehicle has a target capital raise of $300 million (€190 million) with TIAA-CREF making a $50 million investment in the fund. US Real Estate Fund I – its first real estate fund for private investors – will target mainly high net worth investors represented by registered investment advisors.
“At least 80 percent of our investments are expected to be in high-quality core properties in the 50 largest US markets,” Suman Gera, managing director of TIAA-CREF Global Real Estate and portfolio manager for the fund said in a statement. The vehicle will look at properties expected to “provide a stable, predictable income stream, have high occupancy levels, credit-worthy, financially sound and reputable tenants, and a low or modest level of projected near-term tenant turnover.”
The remainder of the fund’s assets will be invested in value-add properties.
It is expecting to have a first close of $150 million on the vehicle, with a second close on $300 million. The fund will have a term of seven to ten years.
As at end of 2007, TIAA-CREF Global Real Estate directly owned more than $25 billion of properties in the office, retail, industrial and multifamily sectors across the US, Canada and Western Europe.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
