TIAA-CREF and Henderson Global Investors have completed the merger of their European and Asian real estate businesses.

The newly created joint venture TIAA Henderson Real Estate is 60% owned by TIAA-CREF and 40% by Henderson. With $71bn (€51.4bn) in assets under management, the new entity is one of the world’s largest real estate investment management firms.

Both parties’ existing European and Asian property businesses will be headquartered in London. The company said its focus will be ”pure real estate with no distractions from other markets, asset classes or business lines”.

Simultaneously, TIAA-CREF has completed the acquisition of Henderson’s North American property business. The business, it said, is being managed as a ”distinct, yet complementary operation” within the existing TIAA-CREF North American real estate platform.

TIAA-CREF will manage and service its existing $48.2bn real estate platform which invests on behalf of the TIAA General Account, retirement participants, and leading institutional and individual investors worldwide, focusing on core real estate.

A full interview with James Darkins, Anthony Butler and Tom Garbutt of TIAA Henderson Real Estate will appear in the May/June edition of IP Real Estate magazine.