Henderson Global Investors has agreed to buy Old Mutual Global Investors’ (OMGI) £437m property fund for an undisclosed sum.
Henderson said it will merge Old Mutual Property Fund into its Henderson UK Property OEIC, forming a £2.7bn ($4.32bn) fund. The combined portfolio would have 108 properties.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The management of the Old Mutual Property Fund is currently outsourced to real estate specialists CBRE Global Investors.
The merged fund will continue to be managed by TIAA Henderson Real Estate (TH Real Estate), the £16bn specialist real estate investment manager, which was created earlier this year following a merger between Henderson Global Investors’ real estate business and TIAA-CREF.
The merger is set to complete in January 2015, subject to regulatory and client approval.
Julian Ide, CEO of OMGI, said: "Old Mutual Global Investors is committed to ensuring our fund range delivers the best outcome for our clients.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Whilst we are pleased that our Property fund has met its objectives since launch and performed strongly, we believe that it is in the best interest of clients to merge the fund into the Henderson UK Property OEIC as clients should benefit from a wider portfolio mix, as well as Henderson’s long standing expertise within this asset class."
"We have established a strong working relationship with CBRE Global Investors since the Old Mutual Property fund was launched. I would like to thank that team for their valuable contribution over the last ten years."
