1st Apr 2014 09:54
LONDON (Alliance News) - Henderson Group PLC said Tuesday it has completed its previously announced transactions with the Teachers Insurance and Annuity Association - College Retirement Equities Fund on schedule today, creating a real estate venture.
The firm said the previously announced transactions create a new real estate venture, TIAA Henderson Real Estate.
Henderson's European and Asia-Pacific-based real estate businesses have been transferred to TH Real Estate, together with TIAA-CREF's European and Asia-Pacific based real estate business.
In a simultaneous transaction, Henderson has also completed the sale of its North America property business to TIAA-CREF.
Henderson said it will retain the management and operation duties of the Henderson UK Property Unit Trust remains with Henderson, with TH Real Estate in the role of sub advisor.
"We have long recognised that our property business would benefit from greater scale and access to capital to accelerate its future growth. By partnering with TIAA-CREF to form TH Real Estate, we have created a business capable of fulfilling investor demand for co-investment, delivering client service on a global scale and generating superior investment performance," said Henderson Chief Executive Andrew Formica.
Shares in Henderson Group were trading 0.53% higher at 264.7 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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