FINANCE: TIAA Henderson plans to merge CBRE Global Investors’ £437m Old Mutual Global Investors Fund into its £2.3bn Henderson UK Property OEIC.
The merger is set to complete in January.
The enlarged vehicle will be managed by the TH Real Estate fund’s existing managers, Ainslie McLennan and Marcus Langlands Pearse. The deal will see the number of properties in the portfolio grow from 84 to 108.
McLennan said: “Clients in both funds will benefit from access to a larger and more diversified property portfolio, including a broader tenant mix. Our investment process will remain unchanged and we are already very familiar with the 24 properties currently held within the Old Mutual fund, which we view as providing a good fit with the Henderson UK Property OEIC.
The deal will take TIAA Henderson’s UK AUM to £9bn.
