Nuveen Launches $371-Mil Real Estate Fund

CHICAGO-Trading began Friday of the Nuveen Real Estate Income Fund, a closed-end REIT traded on the American Stock Exchange, coming on the market when the sector has seen an upswing in investor interest. Nuveen launches the $371-million initial public offering with Security Capital Research & Management Inc. managing the portfolio of real estate securities and operating companies.

Officials from both companies rang the opening bell on the stock exchange floor Friday. Nuveen Real Estate stock opened at $15 per share, rose as high as $15.40 before closing at $15.25 in its first day of trading.

“Security Capital Research & Management has established a rigorous investment process that has achieved a record of consistent performance,” says managing director Anthony R. Manno Jr. “By teaming with Nuveen, an acknowledged leader in structured fund products, we are bringing the best of both worlds to investors.”

Salomon Smith Barney Inc. served as lead manager of the underwriting syndicate.