Wed, 16/04/2014 - 16:05
TIAA Henderson Real Estate (TH Real Estate) is to manage the TIAA General Account’s recently acquired 50 per cent interest in an office development at 699 Bourke Street, Melbourne.
General Account is acquiring the stake from Mirvac, on a fund-through basis pursuant to the previously announced Australian Office Alliance.
Mirvac commenced construction on 699 Bourke Street in August 2013, with completion expected in 2015. The asset is fully leased to AGL for an initial minimum period of 10 years.
On completion, the co-owners (TIAA-CREF and a wholly owned sub-trust of Mirvac Property Trust) will appoint Mirvac Asset Management as property manager.
In early 2014, TIAA-CREF signed a relationship deed with Mirvac to review and participate in the deal flow of their office pipeline. Under the deed, TIAA-CREF has an exclusive first right to acquire 50 per cent of co-investment opportunities in prime-grade Australian office assets sourced or developed by Mirvac for the next three years.
TH Real Estate will manage this Australian Office Alliance on behalf of TIAA’s General Account.
Phil McAndrews, head of the Americas at TIAA-CREF and one of TH Real Estate’s executive leadership team, says: “TH Real Estate is committed to accessing the most attractive real estate investment opportunities across the globe. The Australian Office Alliance is a perfect example of our commitment to combine global scale with local expertise for the benefit of our clients.”
Nick Evans, head of Australia, executive director, TH Real Estate, adds: “Australia is an extremely important market for TH Real Estate. We are committed to building a sustainable business over the long term, having built up a very successful history of establishing strategic relationships with Australian superannuation schemes, real estate investment trusts and property companies. The office sector is also a key sector for the business. This well-located, well-leased office property is a valuable addition to our global portfolio and aligned with our strategy to provide access to competitive assets in some of the world’s most attractive real estate markets.”
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