Des Peres Mall Part of $1.5 Billion Real Estate Venture
Two major retirement fund management companies are investing in West County Center.
TIAA-CREF and APG have acquired interests in five malls in the U.S., including West County Center, 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 …
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