TIAA-CREF has acquired the remaining ownership interest in TIAA Henderson Real Estate from its joint venture partner, Henderson Global Investors, for £80m.
The acquisition brings TIAA-CREF’s ownership stake in the joint venture up from 60% to 100%.
TH Real Estate will now operate as a stand-alone subsidiary within TIAA-CREF’s Asset Management platform, with independent executive leadership and investment teams.
TIAA-CREF merged with Henderson in 2014 to create the £14.2bn London-headquartered global alliance.
Since its launch, TH Real Estate has made 67 acquisitions valued at more than $3.7bn.
Andrew Formica, chief executive of Henderson, said: “Our decision to sell our 40% holding in TH Real Estate will give them the best possible opportunity to expand 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.”
The transaction is expected to close in the second quarter of 2015, pending regulatory approvals and customary closing conditions.
The company’s name will formally be changed to TH Real Estate in June.
