Nuveen Real Estate has raised more than A$1bn (£525.9m) at the first close of its Australian commercial real estate debt strategy, with commitments from Canada Pension Plan Investment Board (CPP Investments) and Singapore’s Temasek.

CPP Investments has committed A$300m to the strategy, alongside Temasek. Both investors are reinvesting after partnering with Nuveen Real Estate on the strategy’s previous vintage, which reached a final close in May 2025 with A$650m in equity commitments.

Read more:Nuveen inks $1bn for climate-focused lending fund

The commitment extends Temasek’s relationship with Nuveen, after the pair announced a strategic partnership in September 2025. Nuveen’s parent company, TIAA, has also invested in the real estate strategy.

The A$1bn-plus first close includes co-investment vehicles and transactions, the real estate investment manager said.

“We continue to see attractive opportunities in Australian commercial real estate credit, where deep local relationships, disciplined underwriting and strong asset management capabilities are key to long-term performance,” said Raymond Chan, managing director and head of APAC credit at CPP Investments.

Read more: Nuveen Private Capital appoints Barings’ Rdzak as MD

Nuveen’s real estate debt strategy focuses on structured senior and junior loans to institutional borrowers, drawing on established relationships with repeat borrowers.

“Our focus remains unchanged: repeat institutional borrowers, prime assets in sectors underpinned by Australia’s population growth and constrained supply, and conservative structures aiming to protect investor capital through market cycles,” said Dugald Marr, head of APAC debt at Nuveen Real Estate.

“Those fundamentals, combined with Nuveen Real Estate’s extensive global debt platform, can offer investors a compelling opportunity to diversify their portfolios while targeting stable returns, and position us well to capitalise on future market dislocation alongside like-minded clients.”

Nuveen’s previous Australian core-plus real estate debt strategy has committed A$2bn in gross loans to date across the platform and associated co-investment vehicles, according to the firm.

The strategy draws on Nuveen Real Estate’s global debt platform, which manages around $40bn (£30.3bn) in assets.

The raise comes as Australia’s private credit market faces headwinds following the collapse of property developer Bathla Group, with investors expected to put much tougher questions to their managers.

Read more: Churchill launches capital solutions strategy backed by TIAA