Transactions - AUGUST 26, 2015

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TIAA-CREF creates $4.8b European office JV

by Andrea Waitrovich

TIAA-CREF and the Swedish National Pension Funds AP1 and AP2 have formed a pan-European office joint venture.

The newly formed investment vehicle will be named Cityhold Office Partnership. TIAA-CREF will hold a 50 percent interest in the vehicle, and each AP fund will hold 25 percent. TIAA-CREF’s affiliate, TH Real Estate, will manage the vehicle on the investors’ behalf.

The joint venture will be seeded with existing properties owned by the TIAA General Account, AP1 and AP2, creating an initial platform valued at €2.2 billion ($2.52 billion). The 15 seed assets, (nine contributed from the TIAA General Account and six from AP1 and AP2), total 2.7 million square feet and include landmark assets such as 12–14 New Fetter Lane and 1 Kingdom St. in London, Tour Areva in Paris, and Atlantic Haus in Hamburg.

The venture will also commence an active investment program with new capital from the TIAA General Account, AP1 and AP2 targ

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