{"id":1004118515,"date":"2015-04-30T07:57:59","date_gmt":"2015-04-30T15:57:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004118515"},"modified":"2022-12-08T19:05:29","modified_gmt":"2022-12-09T03:05:29","slug":"tiaa-cref-to-grow-global-platform-with-full-ownership-of-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-to-grow-global-platform-with-full-ownership-of-jv\/","title":{"rendered":"TIAA-CREF to Grow Global Platform with Full Ownership of JV"},"content":{"rendered":"
\"Tom<\/a>

Tom Garbutt<\/p><\/div>\n

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

Saying it accelerates the growth of its global real estate platform, TIAA-CREF has agreed to buy out the remaining 40 percent interest in TIAA Henderson Real Estate from its joint venture partner, Henderson Global Investors, for \u00a380 million, or $122.7 million.<\/p>\n

The deal is expected to close in the second quarter.<\/p>\n

Known as TH Real Estate, the London-based joint venture launched a year ago and had about $26 billion in assets under management, including assets in Europe, Asia and North America. A global real estate investment management company, TH Real Estate focuses on core and value-add investments in all commercial real estate sectors. It will operate as a standalone subsidiary within TIAA-CREF\u2019s Asset Management multi-boutique platform and have independent executive leadership and investment teams.<\/p>\n

Tom Garbutt, head of TIAA-CREF global real estate & chairman of TH Real Estate, said acquisition of the ownership interest \u201cunderscores our long-term commitment to real estate, an asset class that has served our clients for many years.\u201d<\/p>\n

\u201cWe are well positioned to capitalize on the many attractive opportunities we see through our world-class investment platform,\u201d Garbutt added in a news release.<\/p>\n

TIAA-CREF started investing in real estate on behalf of individuals and institutional investors in 1934 and now has $82 billion in assets under management.<\/p>\n

In the past year, TH Real Estate has made 67 acquisitions worth more than $3.7 billion. The JV also established itself as global real estate investment manager, raising more than $1.3 billion in new equity mandates and securing $3.6 billion in capital commitments from closed-end fund investors, according to a news release from New York-based financial services provider TIAA-CREF.<\/p>\n

Robert Leary, executive vice president & president of asset management for TIAA-CREF, said having full ownership of TH Real Estate \u201cis an exciting step in our long-term plan to expand our asset management business.\u201d<\/p>\n

Andrew Formica, chief executive of Henderson, said his firm would maintain a strong relationship with TH Real Estate, which will continue to be a sub-advisor on its successful Henderson UK Property OIEC.<\/p>\n

\u201cOur decision to sell our 40 percent holding in TH Real Estate to TIAA-CREF will give them the best possible opportunity to grow their business,\u201d he added in the release.<\/p>\n

James Darkins, chief executive of TH Real Estate, noted the JV had created a \u201ctruly global offering by entering new markets and geographies, launching new funds and investing alongside clients and partners.\u201d<\/p>\n

Last month, TH Real Estate said it had agreed to expand into Sweden<\/a> with the purchase of the Nova Lund Shopping Centre in Lund for approximately $190 million on behalf of TIAA-CREF. The transaction is expected to close in the third quarter and represents TH Real Estate\u2019s plans to invest in the Nordic region, a key market in its European strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

TIAA-CREF is buying out the remaining interest in a global investment joint venture.<\/p>\n","protected":false},"author":755,"featured_media":1004118516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,16,21783,21742,21747,21749],"tags":[],"class_list":["post-1004118515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-international","category-investment","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"\nTIAA-CREF to Grow Global Platform with Full Ownership of JV - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-to-grow-global-platform-with-full-ownership-of-jv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF to Grow Global Platform with Full Ownership of JV\" \/>\n<meta property=\"og:description\" content=\"TIAA-CREF is buying out the remaining interest in a global investment joint venture.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-to-grow-global-platform-with-full-ownership-of-jv\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-30T15:57:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:05:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Tom-Garbutt-TIAA-CREF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"222\" \/>\n\t<meta property=\"og:image:height\" content=\"316\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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