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Henderson Group Plc And TIAA-CREF To Establish Global Real Estate Alliance

Monday, 24 Jun 2013 02:57am EDT 

Henderson Group plc and Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) announced that they have agreed to combine their European and Asian real estate businesses to form a real estate venture, TIAA Henderson Global Real Estate, with assets under management (AUM) of approximately GBP13.0 billion (USD19.8 billion). In a related sale, Henderson will also sell its North American real estate business to TIAA-CREF. Henderson will own 40% of TIAA Henderson Global Real Estate, which will have access to a source of capital from TIAA-CREF enabling it to invest alongside clients to grow the business further. Henderson will receive cash proceeds of GBP114.2 million (USD176.6 million) (before deal costs), further strengthening its balance sheet and capital position. The transactions value Henderson's property business at 8.8 times property's 2012 EBITDA. 

Company Quote

-0.8 -0.37%
24 Dec 2014