October 20, 2011 3:36 PM
Ropes, Seyfarth Advise TIAA-CREF and Dutch Pension Fund on Mall Investment
Posted by Brian Baxter
In one of a spate of recent real estate deals generating work for Am Law 100 lawyers, New York–based private retirement provider TIAA-CREF said this week that it has signed up Dutch pension fund APG as its partner in investments totaling roughly $1.5 billion in five U.S. shopping malls.
TIAA-CREF holds a 50 percent share in each of those malls, according to The Wall Street Journal, which reported that APG is paying about $375 million for a 49 percent stake in TIAA-CREF’s interests in the malls. Both funds are contributing capital to the joint venture and are considering buying additional malls, according to industry publication Pensions Investments.
TIAA-CREF took its half-share in four of the malls via a joint venture with CBL Associates Properties that was announced earlier this month, the Journal reported. The pension provider bought a 50 percent stake in the fifth mall in a separate deal with the Sydney, Australia–based Westfield Group in January.
Ropes Gray real estate partners
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