The new properties include: Triangle de l'Arche, a multi-tenanted, 37,500-sm office property in La Defense; Villabe, a 200,000-sm logistics scheme to the south of Paris; and Bruyeres-sur-Oise, a 120,000-sm logistics asset to the north of Paris. According to Laura McGrath, managing director of TIAA-CREF's European investment program, the industrial assets mark the institution's "initial foray into the warehouse distribution market within France."
Standard Life Investments funded the development of all three properties. Paul Joubert, the head of Invesco Real Estate's transaction team in Paris notes that, "This is a significant deal underscoring TIAA-CREF's commitment to its European real estate investment program."
Standard Life Investments was advised by Clifford Chance and TIAA-CREF by Linklaters. Invesco, which manages euro 14.9 billion ($19.2 billion) of property and real estate securities worldwide, introduced the portfolio to TIAA-CREF. The institution has more than $340 billion ($438.4 billion) in combined assets under management and is ranked 68th in Fortune magazine.
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