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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 providerAPG. 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 byCBL & Associates Propertiesand one property of theWestfield Group. The properties which have a gross valuation of more than $1.5 billion includeOak Park Mallin Kansas City,West County Centerin St. Louis,CoolSprings Galleriain Nashville,Pearland Town Centerin Pearland, andWestfield蒙哥马利in Bethesda.
Click here for the release fromTIAA-CREF.