Nuveen announced that it is acquiring Omni Holding Co.’s affordable housing portfolio.
The transaction positions Nuveen as one of the nation’s largest institutional managers of much-needed affordable housing and increases the value of Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms of the transaction were not disclosed.
The deal involves 46 properties comprising roughly 12,000 affordable units, according to officials.Nuveen is the asset management arm of Teachers Insurance and Annuity Association of America (TIAA) and is managing this newly acquired portfolio of assets for the TIAA General Account (GA) and for the benefit of retirement plan participants. Affordable housing is an important part of the general account’s impact investing strategy.
As part of the transaction, Nuveen will acquire Omni’s best-in-class affordable housing capabilities in development, construction, maintenance, safety-technology, and corporate functions to create a vertically integrated affordable housing asset management business.
“The acquisition strongly advances our ability to promote greater financial inclusivity, and health and wellness in communities that have lacked meaningful and lasting investment,” said Nadir Settles, global head of impact investing at Nuveen Real Estate. “Our strong commitment to affordable housing—and the communities where we are operating— is also a strong commitment to our clients, who are long-term supporters of this strategy.”
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