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Nuveen has launched a 1031 real estate exchange platform that will offer property sellers the opportunity to convert proceeds from a sale into an ownership interest in an UPREIT. The maneuver thereby realizes the tax advantages of a 1031 exchange without the search for a compatible investment property.

The structure, called Nuveen Global Cities Real Estate Investment Trust, is a non-listed REIT that will focus on holding commercial real estate. Nuveen, which is the investment arm of pension fund TIAA, did not specify the geographic reach of the new entity, but did say in a statement that it would concentrate on the “world’s most dynamic cities,” pointing to an international scope.