TIAA-CREF Hops Across The Pond
August 12, 2008
In an effort to focus on European real estate, TIAA-CREF is opening a location overseas, its first foreign office since the plan's creation 90 years ago.
According to a statement issued by the plan, TIAA-CREF is looking to increase its access to value-added and long-term investment opportunities in the region.
The world's largest retirement plan with approximately $480 billion in assets, TIAA-CREF has $25 billion invested in global real estate, with roughly $4 billion of that in Europe. The plan invests approximately $600 million each year in European real estate.
Paul Wilson, formerly the head of retail investments with Invesco Real Estate, will run the London office. TIAA-CREF intends to make five or six additional hires for the new location over the next 18 months.
The fund first began investing in European real estate in 1995.
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