TIAA-CREF has formed a joint venture with the $7.1 billion Future Fund, Australia, to co-invest in real estate, Pensions & Investments reports. The venture will seek U.S. core-plus and value-added properties in central business districts and Class A suburbs.
As part of the agreement, Future Fund is acquiring a 50% interest in a New York building that TIAA-CREF bought last year for $190 million. TIAA-CREF will invest from its general account into the venture.
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