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TIAA-CREF and Henderson Global Investors Launch $71 Billion Real Estate Investment Behemoth

Launch Includes Acquisition of Henderson Global’s North American Property Business
April 7, 2014
By: James Wallace, Finance Editor for CoStar News London
TIAA-CREF and Henderson Global Investors launched their integrated exclusive real estate company this past week, TIAA Henderson Real Estate (TH Real Estate), with a combined total of $22.6 billion in real estate assets under management.

TH Real Estate consists of TIAA-CREF’s European real estate business and Henderson Global Investor’s European and Asia Pacific-based real estate businesses.

Simultaneously, TIAA-CREF has completed the acquisition of Henderson’s North American property business. This business ($2.6 billion) is being managed as a distinct, yet complementary operation within the existing TIAA-CREF North American real estate platform.

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TH Real Estate has a dedicated global presence with offices across Asia and Europe, managing $22.6 billion of real estate assets across 50 funds and mandates. TIAA-CREF owns a 60% interest in TH Real Estate. The remaining 40% is owned by Henderson.

TIAA-CREF will manage and service its existing $48.2bn real estate platform which invests on behalf of the TIAA General Account, retirement participants, and leading institutional and individual investors worldwide, focusing on the core real estate space.

Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world.

James Darkins, chief executive of TH Real Estate said: “TH Real Estate represents a new powerhouse in global real estate with the scale and capital resource to better meet the real estate investing needs of existing and prospective clients.

“By combining a global perspective with our local expertise, we aim to significantly grow our range of product solutions, while embedding a stable, consistent, risk-aware and sustainable investment approach to our business that places our clients and fund teams right at the heart of the process.

“Positioning ourselves for tomorrow’s world, rather than today’s, lies at the heart of TH Real Estate, investigating bigger picture, long term structural trends. This is more important than ever given how much shorter and sharper market cycles are today.

“It involves taking our multi-layered approach to research to a further dimension still. This innovative approach will enable us to source opportunities across the world’s most competitive investment markets as we extend our existing experience and proven products into adjacent spaces.”

Andrew Formica, chief executive, Henderson Group, added: “Henderson has long recognized that its property business would benefit from greater scale and access to capital to accelerate its future growth. The formation of TH Real Estate is a dynamic example of our response to investors’ increasing preference for alignment of interest, which TH Real Estate will be able to better achieve via co-investment and seeded investment opportunities. The result will be superior service to clients on a global scale.”

Tom Garbutt, head of TIAA-CREF global real estate and chairman of the new company, said: “TH Real Estate enables TIAA-CREF to further expand its capabilities into new markets as we continue to grow our asset management business globally.

“Real estate has been a key part of our investment platform since 1934. We are pleased to partner with Henderson as we launch this venture, and together seek new opportunities on behalf of our clients.”

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