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LONDON-TIAA-CREF and Henderson Global Investors, based here, said Monday they would partner on a new global real estate investment management company, TIAA Henderson Global Real Estate. The new company, to be headquartered in London, will have about US$20 billion of assets under management. In a related transaction, TIAA-CREF is acquiring 100% of Henderson’s US property business, although the new venture will focus on European and Asia Pacific assets.

“We believe there are compelling growth opportunities in global real estate,” Tom Garbutt, head of TIAA-CREF global real estate and chairman of the new company, says in a release. “This new venture will leverage TIAA-CREF’s financial strength and longstanding real estate investment capabilities together with Henderson’s expertise and wide array of real estate investments in Europe and Asia Pacific.”

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