Hogan Lovells has advised Henderson Group on the creation of a global real-estate investment management company with the Teachers Insurance and Annuity Association — College Retirement Equities Fund (TIAA-CREF). The new company will be called TIAA Henderson Global Real Estate.
The two businesses will combine their European and Asian real-estate businesses to form a real-estate venture worth approximately £13bn, which will offer clients expanded investment opportunities in the global real-estate market.
Henderson will own 40 per cent of TIAA Henderson Global Real Estate and TIAA-CREF will own 60 per cent of TIAA Henderson Global Real Estate.
In a related sale, Henderson will also sell 100 per cent of its North American real-estate business to TIAA-CREF, a financial services provider headquartered in New York. TIAA-CREF’s North American real-estate business will provide North American real-estate management services to TIAA Henderson Global Real Estate, and TIAA Henderson Global Real Estate will provide exclusive distribution and servicing to TIAA-CREF’s North American institutional real-estate clients.
The Hogan Lovells team advising Henderson was led by London corporate partner Guy Potel, working closely with the in-house team at Henderson headed by GC Jacqui Irvine. Potel was supported by of-counsel Rachel Ash and associate Kathryn Smith in London, corporate partner Waajid Siddiqui in New York and a wider cross-border, cross-practice team spanning more than 10 jurisdictions.