TIAA-CREF acquires full ownership of TIAA Henderson Real Estate (EU)

TIAA-CREF, a leading financial services provider, announced an agreement to acquire the remaining ownership interest in TIAA Henderson Real Estate (TH Real Estate) from its joint venture partner, Henderson Global Investors (Henderson) for £80 mln (€108 mln). The acquisition increases TIAA-CREF’s ownership stake in the joint venture established in April 2014 from its current 60% to 100%.
TH Real Estate is a global real estate investment management company that pursues core and value-add investment in all major sectors of commercial real estate. It will operate as a stand-alone subsidiary within TIAA-CREF’s Asset Management multi-boutique platform. TH Real Estate will have independent executive leadership and investment teams.
TIAA-CREF believes that direct access to real estate strategies offers individual and institutional investors access to attractive long-term investment opportunities. In addition, TH Real Estate strengthens and further diversifies the TIAA General Account, which serves as a foundation for the savings and lifetime income payments for millions of clients.
“This investment is an exciting step in our long-term plan to expand our asset management business,” said Robert G. Leary, executive vice president and president of asset management, TIAA-CREF. “TH Real Estate offers our clients expanded investment opportunities through a flexible, well-capitalized and integrated global platform.”
The transaction is expected to close in the second quarter of 2015, pending regulatory approvals and customary closing conditions.
Source: TH Real Estate