Financial services organization TIAA-CREF, the leading provider of retirement security for the academic, medical and cultural fields in the US has bought a â¬493 mln. portfolio in the Paris region, France. INVESCO Real Estate acted on behalf of TIAA-CREF.
With $50 billion in real estate-related assets, TIAA-CREF is one of the largest institutional real estate investors. The organization purchased the portfolio from Standard Life Investments as a part of TIAA-CREFâs continuing strategy to build its European exposure within its global portfolio. The latest acquisition is a key addition to its existing US$1.35 billion European real estate portfolio, focused primarily on the core UK and French markets.
The properties are Triangle de l'Arche, a multi-leased 37,500 mÂ² office property in La Defense, Villabe, a 200,000 mÂ² logistics scheme located to the south of Paris and Bruyeres-sur-Oise, a 120,000 mÂ² logistics scheme to the north of Paris.
Standard Life Investments funded the development of all three properties and was advised throughout by its local partner, Newport, Paris. The investment was introduced to Invescoâs Paris office by Cushman and Wakefield Healey & Baker.
Paul Joubert, the head of INVESCO Real Estateâs transaction team in Paris said âthis is a significant deal underscoring TIAA-CREFâs commitment to its European real estate investment program.â
âWeâre very excited about this investment.â said Laura McGrath, Managing Director of TIAA-CREFâs European investment program. âIt enables us to add some very high quality assets to our European portfolio and represents an initial foray into the warehouse distribution market within France.â
Standard Life Investments was assisted by Clifford Chance, Paris and TIAA-CREF was assisted by Linklaters, Paris.
Source: Freeman News