TH Real Estate is a global real estate investment management company that pursues core and value-add investment in all major sectors of commercial real estate. It will operate as a stand-alone subsidiary within TIAA-CREF’s Asset Management multi-boutique platform. TH Real Estate will have independent executive leadership and investment teams.

Real estate has been a key part of TIAA-CREF’s investment platform since 1934 and represents $82 billion in assets under management, as of March 31, 2015. TIAA-CREF believes that direct access to real estate strategies offers individual and institutional investors access to attractive long-term investment opportunities. In addition, TH Real Estate strengthens and further diversifies the TIAA General Account, which serves as a foundation for the savings and lifetime income payments for millions of clients.

“This investment is an exciting step in our long-term plan to expand our asset management business,” said Robert G. Leary, executive vice president and president of asset management, TIAA-CREF. “TH Real Estate offers our clients expanded investment opportunities through a flexible, well-capitalized and integrated global platform.”

TH Real Estate has approximately $26 billion in assets under management, including assets in Europe, Asia and North America.[1] Since its launch, TH Real Estate has made 67 acquisitions worth more than $3.7 billion. The venture also established itself as an independent, successful global real estate investment manager, raising more than $1.3 billion of new equity mandates and securing $3.6 billion in capital recommitments from closed-end fund investors.

“Today’s news underscores our long-term commitment to real estate, an asset class that has served our clients well for many years,” said Tom Garbutt, head of TIAA-CREF global real estate and chairman of TH Real Estate. “We are well-positioned to capitalize on the many attractive opportunities we see through our world-class investment platform.”

Andrew Formica, chief executive of Henderson,said, “Our decision to sell our 40 percent holding in TH Real Estate will give them the best possible opportunity to grow their business. We will retain a strong commercial relationship with TH Real Estate, as they will continue to sub-advise our highly successful Henderson UK Property OEIC.”

“We have created a truly global offering by entering new markets and geographies, launching new funds and investing alongside clients and partners,” said James Darkins, chief executive at TH Real Estate. “Clients will benefit from our streamlined structure as we continue to provide unwavering service and access to excellent real estate investment opportunities.”

The transaction is expected to close in the second quarter of 2015, pending regulatory approvals and customary closing conditions.

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Global real estate heavyweight, TIAA Henderson Real Estate (TH Real Estate), has further strengthened its local team with the appointment of William Keaveney as Senior Real Estate Analyst.

In the newly created role, Keaveney will be responsible for providing analytical support, research and analysis across core functions of the business, including equity and debt real estate investment. Keaveney will work closely with Stephen Philp, TH Real Estate’s Head of Capital Transactions in Australia.

The appointment of Keaveney will build TH Real Estate’s capability in regard to analysis of new and existing investments in Australia and the Asia region.

Keaveney joins TH Real Estate from Challenger, where he was a Senior Asset Analyst for the real estate business, providing analysis and support services to property for 11 years.

New office to accommodate expanding local team

Keaveney’s appointment comes as TH Real Estate continues to grow its broader Asia-Pacific business. This month, TH Real Estate will move into a new 304 sq m office space in Sydney’s Gateway building at Circular Quay, to accommodate the growing team.

The new space will be shared with parent organisation TIAA-CREF, a US-based financial services group that provides advice and financial services to US employees working in academic, medical, cultural, governmental and research fields.

Nick Evans, TH Real Estate Executive Director and Head of Australia, says: “We are delighted William has chosen to join us and support our Transactions team. His understanding of real estate investment, extensive contacts, and experience in asset and financial analysis make him a valuable addition to our local business.

“This appointment is testament to our business strategy to build a sustainable, successful business in Australia over the long-term, and we look forward to growing the team further in the months and years ahead.”

Established in Australia in April 2014, TH Real Estate has been quick to build an impressive portfolio of Australian real estate assets approaching AUD $1bn.

The real estate specialist has also advised some of Australia’s largest institutional investors on their international real estate investments, including AustralianSuper and the FutureFund.

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The office will be led by Andrew Kleinig, who will direct distribution strategy in Australia and Asia while providing a local point of contact for TIAA-CREF investment capabilities and products for existing clients in the region.

Speaking ahead of the TIAA-CREF Asset Management Real Assets and Responsible Investing Roundtable in Sydney yesterday, TIAA-CREF Asset Management’s head of business development, John Panagakis, said the new office was the next step in the firm’s eight-year history in the Australian market, which has to-date focused on agriculture, and more recently, real estate.

“TIAA-CREF Asset Management continues to build out its global distribution capabilities to serve clients that seek specialised investment expertise in real asset, real estate and responsible investing strategies,” Mr Panagakis said.

“Andrew brings to his new role deep knowledge of the institutional investing landscape in the region and a proven track record of developing strong client relationships. He will be a great resource for our asset management business going forward.”

Today’s announcement builds on TIAA-CREF’s global asset management platform which consists of US$866 billion invested across a full array of strategies including equity, fixed income, real estate and other real assets, private equity and private credit strategies. In September 2014, TIAA-CREF opened a distribution in office in London to expand relationships with UK and European clients and prospects.

TIAA-CREF Asset Management’s growing presence in Australia and Asia includes direct investments in the region, as well as existing business relationships with a wide range of institutional clients. TIAA-CREF’s 60 percent-owned real estate joint venture, TIAA Henderson Real Estate (TH Real Estate), has offices in Singapore and Sydney, as well as approximately US$700 million of real estate investments in the region through outlet malls in China, office and retail buildings in Australia and an additional asset in Thailand. TIAA-CREF’s agricultural asset management affiliate, Westchester Group, operates seven offices across the primary Australian growing regions.

Mr Kleinig brings more than a decade of global business development and client relations experience from traditional and alternative asset managers to his new role at TIAA-CREF. He joins TIAA-CREF from Nanuk Asset Management, where he was head of sales and investor relations. He was previously a senior sales and consultant relations manager at GE Asset Management, having also held client relations roles at SEB Asset Management, Deutsche Bank and the Commonwealth Bank of Australia.

Mr Kleinig is part of a global sales team responsible for building partnerships with institutional clients including insurance companies, sovereign wealth funds, superannuation funds, pension schemes and other major investors. He will work closely with the TH Real Estate team in Australia, which will continue to handle distribution for all real estate strategies and manage TIAA-CREF’s real estate holdings in the region. TIAA-CREF and TH Real Estate will move into a shared office this month, to accommodate the expansion of both businesses in the region.

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