This article is from the Australian Property Journal archive
TIAA-CREF has bought out joint venture partner Henderson Global Investors' stake in TIAA Henderson Real Estate for 80 million pounds sterling.
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The acquisition increases TIAA-CREF’s ownership from 60% to 100%.
“This investment is an exciting step in our long-term plan to expand our asset management business,” TIAGG-CREF executive vice president and president of asset management Robert G. Leary said.
TH Real Estate has approximately $26 billion in assets under management, including assets in Europe, Asia and North America. Since its launch, TH Real Estate has made 67 acquisitions worth more than $3.7 billion.
TH Real Estate has been particularly active in Australia and recently it reaffirmed its commitment to the local market by opening an office in Sydney`s Gateway Building at Circular Quay.
Henderson`s chief executive Andrew Formica said the decision to sell the 40% holding in TH Real Estate will give TH Real Estate the best possible opportunity to grow their business.
“We will retain a strong commercial relationship with TH Real Estate, as they will continue to sub-advise our highly successful Henderson UK Property OEIC,” Formica said.
The transaction is expected to close in the second quarter of 2015, pending regulatory approvals and customary closing conditions.
Australian Property Journal
