The Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) is acquiring a mall in Munich from RREEF Real Estate, Bloomberg reports. The New York–based retirement plan manager will pay a total of approximately €415 million for the shopping centre Perlacher Einkaufsparadies (PEP).
The mall, which has 125 shops, includes a department store, supermarket, restaurants and cafes. The sale is being brokered by Jones Lang LaSalle.
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