Nuveen, the investment manager of TIAA, has launched a 1031 real estate exchange platform designed to help advisors and their clients strategically reposition real estate assets into tax-advantaged, institutionally managed investment opportunities.
Structured as an Umbrella Partnership Real Estate Investment Trust (UPREIT) program, the new solution provides a potential path for property owners to convert proceeds from real estate sales into a diversified ownership interest in Nuveen Global Cities Real Estate Investment Trust (GCREIT). GCREIT is a non-listed REIT focused on investing in commercial real estate properties.
“With global real estate rebounding and property values stabilizing after a challenging post-COVID period, we believe the market environment presents an opportune time and attractive entry point for the asset class,” said Jeff Carlin, head of global wealth advisory services at Nuveen. “Our 1031 UPREIT program addresses the significant number of clients seeking more tax-efficient, diversified real estate allocations.”
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