TIAA Henderson Real Estate acquires 50% stake

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.
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
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
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.
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
Press release:
* All figures as at 30 June 2014.