Herbert Smith Freehills Kramer advises Nuveen on acquisition of logistics property in Sydney

Herbert Smith Freehills Kramer (HSF Kramer) has advised global investment manager Nuveen on its acquisition of a logistics asset in Sydney.

The property, at Prestons in Sydney's southwest, was completed in 2024 and comprises an almost 22,500 square metre warehouse with two tenancies. 

Nuveen manages US$1.4 trillion in public and private assets for clients around the world, and on behalf of its parent company Teachers Insurance and Annuity Association of America (TIAA), one of the world's largest institutional investors.

The acquisition comes as part of Nuveen's Asia Pacific Cities strategy, where the organisation targets assets in Asia Pacific cities it believes are best positioned for demographic and structural growth, focusing on investments in office, retail, industrial/logistics, and residential markets with structural performance drivers.

The HSF Kramer team was led by Michael Back, with support from Executive Counsel Katrina Swift and Solicitors Georgia Matthews and Lachlan Jones.

Michael said, “We were delighted to work with the Nuveen team on its first logistics acquisition in Australia for the APCF Fund.”

This is the latest example of HSF Kramer's market-leading work in real estate. Other recent examples include the firm advising:

• EdgeConneX on its 50/50 partnership with property group Stockland
• The Living Company on co-living and student housing development in Sydney's Blackwattle Bay
• Centuria on its purchase of the Southern Hemisphere’s largest glasshouse
• Keppel REIT on its acquisition of Top Ryde City Shopping Centre, Sydney 
• TrustCapital Advisors on its acquisition of 750 Collins Street, Melbourne 
• Lendlease on its partnership with Nippon Steel Kowa Real Estate to deliver a build-to-rent apartment development at 899 Collins Street, Docklands