TIAA-CREF invests 493 mln. through Invesco Real Estate in the Paris region (FR)

Financial services organization TIAA-CREF, the leading provider of retirement security for the academic, medical and cultural fields in the US has bought a €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-CREF’s 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 m² office property in La Defense, Villabe, a 200,000 m² logistics scheme located to the south of Paris and Bruyeres-sur-Oise, a 120,000 m² 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 Invesco’s Paris office by Cushman and Wakefield Healey & Baker.

Paul Joubert, the head of INVESCO Real Estate’s transaction team in Paris said “this is a significant deal underscoring TIAA-CREF’s commitment to its European real estate investment program.”

“We’re very excited about this investment.” said Laura McGrath, Managing Director of TIAA-CREF’s European investment program. “It 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.”

Standard Life Investments was assisted by Clifford Chance, Paris and TIAA-CREF was assisted by Linklaters, Paris.
Source: Freeman News

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