Last updated: 10:14 / Wednesday, 28 August 2019
With a combined $22.6 billion

TIAA-CREF Closes Real Estate Joint Venture with Henderson

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TIAA-CREF Closes Real Estate Joint Venture with Henderson
  • TIAA Henderson Real Estate launches today and will pursue core and value-add investment opportunities in sectors of global commercial real estate
  • With a combined $22.6 billion of assets under management across 50 funds and mandates
  • The joint venture is 60 percent owned by TIAA-CREF and 40 percent owned by Henderson
  • TIAA-CREF completes acquisition of Henderson’s North American Property Business

TIAA-CREF, a leading financial services provider, completed on April 1st the successful launch of its previously announced real estate joint venture with Henderson Global Investors, one of Europe’s largest investment managers.

The new real estate investment management company, TIAA Henderson Real Estate, will pursue core and value-add investment opportunities in all major sectors of global commercial real estate. It launches with a combined $22.6 billion of assets under management across 50 funds and mandates, overseen by a network of offices in Asia, Europe and North America. Headquartered in London, the joint venture is 60 percent owned by TIAA-CREF and 40 percent owned by Henderson.

“TIAA-CREF continues to evolve and expand its asset management business, and today’s launch is a major step forward in our strategy to build a truly global investment organization,” said Rob Leary, president, TIAA-CREF Asset Management. “Expanding the scale and scope of our global real estate business, already one of the largest and most diverse real estate investing platforms in the world, strengthens the franchise and helps us continue to meet the needs of sophisticated institutional clients.”

TIAA-CREF will continue to operate its existing $48.2 billion global real estate platform, which invests in directly owned property, real estate securities and private commercial mortgages through an innovative platform built on over six decades of real estate investing experience. The combination of TIAA-CREF’s real estate platform and TH Real Estate represents one of the largest real estate investment management enterprises in the world with approximately $71 billion in AUM, as of Dec. 31, 2013.

“TH Real Estate will drive the growth of our real estate platform globally by expanding our footprint, service capabilities and access to new investment opportunities,” said Tom Garbutt, head of TIAA-CREF global real estate and chairman of the new venture. “We will harness local knowledge and deep experience in the global real estate markets to deliver distinctive real estate investment solutions to our clients.”

Concurrent with today’s launch, TIAA-CREF completed the acquisition of Henderson’s $2.6 billion North American property business. The business is being managed as a distinct, yet complementary operation within the existing TIAA-CREF real estate organization. It will continue to operate out of Hartford, Conn. and Chicago with its current team of investment and client service professionals. The platform offers commingled funds and separate accounts for institutional clients, and invests across the four primary real estate sectors in U.S. core and value-add strategies with a current market emphasis on the apartment, student housing and medical office sectors.

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