Henderson Global Investors has agreed to sell its 40% stake in joint venture (JV) TIAA Henderson Real Estate (TH Real Estate) for £80m to its JV partner TIAA-CREF.
The deal will increase TIAA-CREF’s ownership stake in the JV, established in April 2014, from 60% to 100%.
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The asset manager’s £3.3bn fund Henderson UK Property OEIC, managed by TH Real Estate, will not be affected by the sale and will remain an integral part of its fund range.
The sale will also have no impact on the commercial relationship between Henderson and TH Real Estate, with TH Real Estate managers Ainslie McLennan and Marcus Langlands Pearse continuing to manage the fund.
Henderson CEO Andrew Formica said: "Our decision to sell our 40 percent holding in TH Real Estate to TIAA-CREF 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."
Henderson head of UK retail Simon Hillenbrand said: "There will be no change for clients as a result of the deal. The managers will continue to have ongoing interaction with the sales, marketing and operations teams at Henderson and TH Real Estate will remain headquartered in London in the same building as Henderson."
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