August 17, 2016 Comments Off on TIAA Closes $1.2B “Super Mall” Fund Views: 1281 National News, New York News, Northeast

TIAA Closes $1.2B “Super Mall” Fund

TIAA Global Asset Management has concluded fundraising for T-C US Super Regional Mall Fund LP (US SRM Fund). The $1.2-billion fund is the New York-based company’s first such fund, and with equity commitments, could mean a portfolio totaling $2.5 billion.

Though the fund’s specific targets have not been disclosed, the International Council of Shopping Centers (ICSC) defines super-regional malls as those averaging 1.2-million square feet, with at least three anchor tenants.

The fund’s first investment was a 12.5% stake in the Ala Moana Center in Honolulu. TIAA spent $454 million to General Growth for the minority stake.

The US SRM Fund has an investor base of domestic and foreign institutional money, as well as an investment from TIAA’s General Account. This far, the firm has invested approximately $684 million from the fund.

Read More at TIAA Global Asset Management

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