On June 24, TIAA-CREF and Henderson Global Investors announced two significant real estate transactions. TIAA-CREF agreed to acquire the North American real estate business of Henderson. That business has more than $2.5 billion in AUM.
In addition to the acquisition, the two companies formed a new joint venture — TIAA Henderson Global Real Estate — which initially will have about £13 billion ($20 billion) in assets under management. Henderson Global Investors contributed its European and Asian property business with $16.9 billion in AUM; TIAA-CREF contributed its European real estate business with $3.1 billion in AUM and paid Henderson a cash payment of $175.7 million, which was also for the acquisition of Henderson's North American property business.