TIAA-CREF and Henderson Global Investors have combined their European and Asian real estate businesses to form TIAA Henderson Real Estate (TH Real Estate).
The company will focus on pure real estate with no distractions from other markets, asset classes or business lines.
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. It has a dedicated global presence with offices across Asia and Europe, managing circa USD22.6bn of real estate assets across circa 50 funds and mandates.
TIAA-CREF owns a 60 per cent interest in TH Real Estate. The remaining 40 per cent is owned by Henderson.
Simultaneously, TIAA-CREF has completed the acquisition of Henderson's North American property business. This business (circa USD2.6bn) is being managed as a distinct, yet complementary operation within the existing TIAA-CREF North American real estate platform.
TIAA-CREF will manage and service its existing circa USD48.2bn real estate platform which invests on behalf of the TIAA General Account, retirement participants, and institutional and individual investors worldwide, focusing on the core real estate space.
TH Real Estate intends to build a world class sales, product development and client servicing organisation that will ultimately provide global coverage across the global platform.
Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of circa USD71bn in real estate assets under management
James Darkins, chief executive officer of TH Real Estate, says: “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.
“The Asia-Pacific region will be a strong focus for TIAA Henderson Real Estate with plans to create a top ten regional business over the next five years.”
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