Debevoise and Hogan Lovells lead $64bn Henderson joint venture

Debevoise & Plimpton and Hogan Lovells have advised on a $64bn (£41.7bn) joint venture between a US financial services provider and Henderson Global Investors.

Jeremy Hill
Jeremy Hill

The deal comprised a joint venture between Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF) and Henderson to form TIAA Henderson Global Real Estate, which will have a total of $19.8bn (£12.9bn) of assets under management. It also included the acquisition by TIAA-CREF of Henderson’s entire US real estate business.

The total assets of the new venture and TIAA-CREF amount to $64bn.

Debevoise acted for TIAA-CREF on the joint venture with a team led by London corporate partner Jeremy Hill with assistance from associates Ben Lyon, Chris Wright, and Iana Radosslavova. London partner Richard Ward provided UK tax advice, with New York partner Peter Schuur and associate Daniel Priest advising on US tax matters. Employment advice was handled by London associate Christopher Garrett.

Debevoise’s New York office advised TIAA-CREF on the real estate acquisition, led by New York corporate partner William Regner with assistance from associate Christopher Anthony.

Hogan Lovells London corporate partner Guy Potel led for Henderson on the joint venture, assisted by of counsel Rachel Ash and associate Kathryn Smith, while New York-based corporate partner Waajid Siddiqui led on the acquisition.

Background to this deal:

Historically Freshfields Bruckhaus Deringer has advised Henderson on its corporate work, although Hogan Lovells has a longstanding relationship advising the company in other areas. Client relationship partner Daniel Norris at Hogan Lovells seized the opportunity to pitch for the TIAA-CREF deal during the latter part of last year, having advised Henderson in the past on property matters. Norris is joint client relationship partner at Hogan Lovells with James McDonald.

In June 2011 Henderson appointed Jacqui Irvine as general counsel, after she played a lead role on Henderson’s purchase of fellow fund manager Gartmore in January 2011 under the leadership former general counsel Adam Eades (12 January 2011). Freshfields and Slaughter and May that landed the lead mandates on that deal.

Henderson’s in-house legal team has shrunk by nearly 30 per cent in the past year to May following a decision to farm out more of its lower-level work to law firms (13 May 2013).

Other firms with ties to Henderson include Nabarro for property deals and Simmons & Simmons for fund formation.

Debevoise also has a longstanding relationship with TIAA-CREF, with recent transactions including advising on its sale of mortgage loans in February 2010. In 2004 Debevoise New York real estate partner Steven Alden led on a TIAA-CREF’s $480m sale of two Class A buildings.