Nuveen Real Estate, an arm of one of the world’s biggest asset managers, has won $1 billion in commitments from a Canadian pension fund and a Singaporean sovereign wealth fund for an Australian debt business that invests in property development ranging from logistics projects to student accommodation.
The massive raising – from the Canada Pension Plan Investment Board and Singapore’s Temasek Holdings – comes as Australia’s $200 billion private credit sector comes under pressure. The sector’s heavy focus on real estate has left it exposed to the housing downturn, surging interest rates and, in some cases, dubious property development models.
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