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Nuveen Real Estate, one of the world's largest real estate investment managers, is aiming to change the world.
The company, a subsidiary of TIAA, plans to invest up to $15 billion in real estate by 2026 as part of a new global impact investing platform, Multi-Housing News reports.
According to the Commercial Observer, Nuveen's first investment under the new platform was $3 billion in affordable housing in the US.
The company plans to invest in medical office buildings, retail, both national and locally-owned chains, and businesses run by residents of the communities it invests in.
It also plans to provide services such as job training and financial empowerment to residents.
"We are intentional about the double bottom line," Chris McGibbon, Nuveen's global head of real estate, says in a statement. "It's not just about the economic return, but also about the impact business plan that is actionable and once implemented will create real social mobility for the residents of the communities we invest in."
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