TIAA-CREF, APG In $1.5B Joint Venture
Teachers Insurance and Annuity Association - College Retirement Equities Fund has entered into a joint venture with financial services provider APG.
Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) has entered into a joint venture (JV) with financial services provider APG. The New York–based equity fund has acquired a 51 percent stake in a super-regional mall joint venture with APG, which owns the remaining 49 percent stake, aiming at super-regional malls in major U.S. markets.
The TIAA-CREF–APG JV has bought stakes in four assets held by CBL & Associates Properties and one property of the Westfield Group. The properties which have a gross valuation of more than $1.5 billion include Oak Park Mall in Kansas City, West County Center in St. Louis, CoolSprings Galleria in Nashville, Pearland Town Center in Pearland, and Westfield Montgomery in Bethesda.
Click here for the release from TIAA-CREF.