424B3

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-222231

NUVEEN GLOBAL CITIES REIT, INC.

SUPPLEMENT NO. 7 DATED DECEMBER 13, 2019

TO THE PROSPECTUS DATED APRIL 12, 2019

This prospectus supplement (the “Supplement”) is part of and should be read in conjunction with the prospectus of Nuveen Global Cities REIT, Inc. dated April 12, 2019 (the “Prospectus”), Supplement No. 1 dated July 10, 2019, Supplement No. 2 dated July 16, 2019, Supplement No. 3 dated August 16, 2019, Supplement No. 4 dated September 16, 2019, Supplement No. 5 dated October 17, 2019 and Supplement No. 6 dated November 15, 2019. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are as follows:

•

to disclose the transaction price for each class of our common stock as of January 1, 2020;

•

to disclose the calculation of our November 30, 2019 net asset value (“NAV”) per share for each class of our common stock; and

•

to provide an update on our initial public offering.

January 1, 2020 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of January 1, 2020 (and repurchases as of December 31, 2019) is as follows:


		Transaction Price (per share)
Class T		$10.64
Class S		10.64
Class D		10.73
Class I		10.74

The transaction price for our Class T, Class D and Class I shares is equal to such class’s NAV per share as of November 30, 2019. A detailed presentation of the NAV per share is set forth below.

As of November 30, 2019, we had not sold any Class S shares. The transaction price for our Class S shares is based on our Class T NAV per share as of November 30, 2019. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees.

November 30, 2019 NAV Per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.nuveenglobalreit.com. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the Prospectus for information on how our NAV is determined. The Advisor is ultimately responsible for determining our NAV. As of November 30, 2019, our properties have been appraised in accordance with our valuation guidelines and such appraisals were reviewed by our independent valuation advisor.

VGN-NREIT-1219P

The following tables provide a breakdown of the major components of our NAV as of November 30, 2019 ($ and shares in thousands):


Components of NAV	November 30, 2019
Investment in real property	$	403,032
Investment in real estate-related assets		35,794
Investment in international affiliated funds		37,301
Investment in commercial mortgage loan		12,704
Cash and cash equivalents		7,071
Restricted cash		6,065
Other assets		2,525
Debt obligations		(128,277	)
Subscriptions received in advance		(6,065	)
Other liabilities		(9,303	)
Stockholder servicing fees payable the following month⁽¹⁾		(9	)

Net Asset Value	$	360,838

Net Asset Value attributable to Series A preferred stock	$	124

Net Asset Value attributable to common stockholders	$	360,714

Number of outstanding shares of common stock		33,147

(1)

Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares. As of November 30, 2019, we have accrued under GAAP approximately $1.1 million of stockholder servicing fees payable to the Dealer Manager related to the Class D and Class T shares sold.

The following table provides a breakdown of our total NAV and NAV per share of common stock by share class as of November 30, 2019 ($ and shares in thousands, except per share data):


NAV Per Share	Class T Shares		Class D Shares		Class I Shares		Class N Shares		Total
Net asset value	$	11,493	$	5,299	$	19,786	$	324,136	$	360,714
Number of outstanding shares		1,080		494		1,843		29,730		33,147

NAV per share as of November 30, 2019	$	10.64	$	10.73	$	10.74	$	10.90

As of November 30, 2019, we had not sold any Class S shares. We will disclose the NAV per Class S share in future periods once Class S shares are outstanding.

Set forth below are the weighted averages of the key assumptions in the discounted cash flow methodology used in the November 30, 2019 valuations, based on property types. Once we own more than one retail property, we will include the key assumptions for such property type.


Property Type	Discount Rate			Exit Capitalization Rate
Industrial		6.88	%		6.05	%
Multifamily		7.00			5.40
Office		7.17			6.42

These assumptions are determined by our independent valuation advisor. A change in these assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our investment values:


Input	Hypothetical Change	Industrial Investment Values	Multifamily Investment Values	Office Investment Values
Discount Rate	0.25% decrease	+1.9%	+2.0%	+1.9%
(weighted average)	0.25% increase	(1.9%)	(1.8%)	(1.8%)
Exit Capitalization Rate	0.25% decrease	+2.7%	+3.0%	+2.4%
(weighted average)	0.25% increase	(2.4%)	(2.7%)	(2.1%)

Status of our Initial Public Offering

As of the date hereof, we had issued and sold 3,996,200 shares of our common stock (consisting of 1,377,531 Class T shares, 70,151 Class S shares, 572,652 Class D shares, and 1,975,866 Class I shares) in our offering, resulting in gross offering proceeds of $42,599,155. We intend to continue selling shares in the offering on a monthly basis.