30 October 2014 Press release Press release Press release Press release TIAA Henderson Real Estate acquires 50% stake in Australian landmark office tower 50% stake in 37,549 sq m 101 Miller Street landmark office tower Acquisition includes 8,777 sq m of dominant Greenwood retail Plaza Total purchase price in excess of AUD$300m (c.£165m) TIAA Henderson Real Estate (TH Real Estate) has today agreed to acquire a 50% interest in the landmark premium-grade office building 101 Miller Street, North Sydney, Australia, including the connecting Greenwood Plaza retail complex, for a purchase price in excess of AUD$300m (c.£165m). TH Real Estate has acquired the 50% share on behalf of TIAACREF. 101 Miller Street and Greenwood Plaza are strategically located in the heart of the North Sydney CBD, with multiple direct access points to North Sydney Railway station. The premium grade office tower comprises 27 levels of office accommodation over approximately 37,549 sq m of lettable space. Major tenants include both State and Federal Government departments, Genworth and AGL. The office tower is 99% occupied with a 5-star NABERS Energy rating and is the pre-eminent office location in the North Sydney market. Greenwood Plaza is the dominant shopping centre in North Sydney providing approximately 8,777 sq m of lettable retail and food tenancies spanning three levels. The centre is 100% occupied and supermarket anchored, including 98 specialty retail and kiosks serving over 18 million people each year. The remaining 50% share of the landmark office tower and dominant shopping centre will continue to be owned and operated by the Mirvac Group, with whom TH Real Estate has developed a strong working relationship. The deal marks TH Real Estate’s second significant acquisition in the Australian market, over the past month, following its 75% interest in regional shopping centre Mt Ommaney Centre in Brisbane. 1 Press release: Nick Evans, Executive Director and Head of the TH Real Estate business in Australia said: The acquisition of a 50% interest in 101 Miller Street and Greenwood Plaza fits our strategy of owning dominant, welllocated, well-leased office and retail properties, that cater to today’s occupier needs, in the world’s most attractive real estate markets. The exceptionally well-located complex offers a diverse income stream from retail and commercial tenants, including car park spaces for approximately 547 vehicles and multiple interconnecting access points to North Sydney train station. We are delighted to be advising sophisticated global investors in the Australian market. This acquisition is testament to our commitment to combine global scale with local expertise on the ground, and to provide our clients with access to the most attractive investment opportunities and best in class operating partners. Press release Press release Press release Press release Contact details Notes to Editors Gemma Bradley Head of Marketing & Communications T: +44 (0) 203 727 8120 E: [email protected] About TIAA Henderson Real Estate TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multi-family sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value. Kate Miller Account Manager, Honner Media T: +612 8248 3753 / +61(0)417 625 774 E: [email protected] Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.US$25.5bn of real estate assets across c.50 funds and mandates. Together, the TIAA-CREF real estate and TH Real Estate platforms represent one of the largest real estate investment management enterprises in the world, with a combined total of c. US$77 bn* in real estate assets under management. Disclaimer Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. The company is jointly owned by TIAA-CREF (60%) and Henderson Global Investors (40%) bringing it a combined track record of over 90 years in global real estate. Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services www.threalestate.com 2 Press release: C20171b * All figures as at 30 June 2014.
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