Key Takeaways
- • CalSTRS committed $150 million to Nuveen, the asset management arm of TIAA, for a self-storage separately managed account, according to Nuveen's announcement.
- • MyPlace Self-Storage will serve as dedicated property manager and operating partner, and TIAA will provide a $16.6 million equity commitment.
- • Nuveen manages $141 billion in real estate assets, including $27 billion in self-storage, and $1.3 trillion in total assets.
- • Nuveen and MyPlace have partnered since 2022 and have acquired more than $300 million in self-storage assets across more than a dozen states.
Summary
Nuveen, the asset management business of TIAA, announced that the California State Teachers' Retirement System (CalSTRS) will commit $150 million to the firm for a self-storage strategy. The commitment is structured as a separately managed account, with MyPlace Self-Storage, an existing Nuveen partner, serving as the dedicated property manager and operating partner. TIAA will also provide an equity commitment of $16.6 million.
Melissa Reagen, a Nuveen Real Estate portfolio manager, said in a statement that self-storage "has proven to be a resilient asset class with strong fundamentals." She noted that demand is typically driven by life-cycle events such as getting married, moving homes, and having children, and that demand remains consistent through economic cycles.
Nuveen and MyPlace Self-Storage have partnered since 2022 and together have acquired more than $300 million in assets across more than a dozen states, according to Nuveen. Kurt O'Brien, founder of MyPlace Self-Storage, said the investment "highlights the continued long-term growth potential of the self-storage sector" and that combining MyPlace's operational expertise with Nuveen's investment approach would deliver value for investors such as CalSTRS.
Nuveen manages $141 billion in real estate assets, including $27 billion in self-storage, and $1.3 trillion in total assets. CalSTRS manages $46.34 billion in real estate assets, or 13.26% of its $349.5 billion portfolio.
Melissa Reagen, a Nuveen Real Estate portfolio manager, said in a statement that self-storage "has proven to be a resilient asset class with strong fundamentals." She noted that demand is typically driven by life-cycle events such as getting married, moving homes, and having children, and that demand remains consistent through economic cycles.
Nuveen and MyPlace Self-Storage have partnered since 2022 and together have acquired more than $300 million in assets across more than a dozen states, according to Nuveen. Kurt O'Brien, founder of MyPlace Self-Storage, said the investment "highlights the continued long-term growth potential of the self-storage sector" and that combining MyPlace's operational expertise with Nuveen's investment approach would deliver value for investors such as CalSTRS.
Nuveen manages $141 billion in real estate assets, including $27 billion in self-storage, and $1.3 trillion in total assets. CalSTRS manages $46.34 billion in real estate assets, or 13.26% of its $349.5 billion portfolio.
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