Henderson Group CEO Andrew Formica
New York-based financial services giant TIAA-CREF and global investment management firm Henderson Group have struck a deal to combine their European and Asian real estate businesses, Bloomberg News reported. The new venture, TIAA Henderson Global Real Estate, will have $20 billion of assets under management.
TIAA Henderson Global Real Estate will buy and manage commercial and multifamily residential real estate, the companies said in a statement today. The venture will invest about $1.5 billion of TIAA-CREF’s cash in the coming years to acquire properties, and will also open a commercial real estate debt business, according to the statement. [more]