Henderson sells real estate business and forms JV

Henderson Group is selling its North American real estate business to Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF), a United States non-profit pensions provider.

In a related deal, Henderson and TIAA-CREF are combining their European and Asian real estate businesses to form a joint venture, TIAA Henderson Global Real Estate, which will have assets under management of £13 billion (€15 billion). TIAA-CREF will own 60% of the venture and Henderson 40%.

Henderson says it will be a “simplified business” as a result of the transactions, with main strengths in global and European equities, absolute return, multi-asset and fixed income investment management.

Henderson’s property business brought in revenues of £61.5 million in 2012, which was 14% of the company’s revenues. Henderson says it will receive £114.2 million in proceeds as a result of the transactions.

Tom Garbutt, head of global real estate at TIAA-CREF, will become chairman of the joint venture and James Darkins, managing director of Henderson’s direct property business, will become chief executive.

©2013 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST