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Hogan Lovells Advises Henderson on Creation of New Property Giant

25 June 2013

LONDON, 25 June 2013 - Hogan Lovells has advised Henderson Group plc (Henderson) on the creation of a new 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 leading real estate venture worth approximately £13 billion, which will offer clients expanded investment opportunities in the global real estate market.

Henderson will own 40% of TIAA Henderson Global Real Estate and TIAA-CREF will own 60% of TIAA Henderson Global Real Estate.

In a related sale, Henderson will also sell 100% of its North American real estate business to TIAA-CREF, a leading 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. Guy 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.

Commenting on the transaction, Guy said:

"This is a key strategic transaction for Henderson. It  presented specific challenges given the current shifting regulatory landscape for funds and the global spread of Henderson's property business -  challenges that Hogan Lovells was well placed to help them overcome. We were delighted to have advised them on this first step towards launching this market changing partnership".

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