TIAA-CREF and APG have acquired interests in five malls in the U.S., including , TIAA-CREF said in a statement Monday that announced the retirement fund management companies' real estate joint venture.
The joint venture targets dominant super-regional malls located in major U.S. markets through acquisitions with major mall operators, TIAA-CREF added.
The five properties have a gross valuation in excess of $1.5 billion.
"We see dominant regional malls as being an important part of a well-diversified real estate portfolio, with the ability to provide durable income streams and long term value," said Scott Kempton, managing director, Global Real Estate Portfolio Management at TIAA-CREF.
As of June 30, TIAA-CREF manages $469 billion in combined assets. As of July, APG manages about $387 billion in pension assetts.