TIAA-CREF, the manager of retirement accounts for employees of nonprofit institutions, acquired an 80 percent interest in the Berlin shopping center Gropius Passagen through a joint venture.
The stake in the 1 million square-foot (93,200-square- meter) property, which has 150 stores and 2,000 parking spaces, was bought in conjunction with German real estate company Mfi Management fur Immobilien AG for an undisclosed price, New York- based TIAA-CREF said in a statement today.
“Gropius Passagen reflects TIAA-CREF’s ongoing strategy to develop a diversified real estate portfolio, including high- quality dominant shopping centers in markets benefiting from strong catchment areas,” Aymeric Thibord, director of real estate investment at TIAA-CREF Asset Management U.K. Ltd., said in the statement.
The deal is TIAA-CREF’s second partnership with Mfi Management after jointly developing the Erlangen Arcaden shopping center, a 323,000-square-foot mall with 100 stores that opened in 2007. It also follows TIAA-CREF’s acquisition of the Pep Shopping Center in Munich last year.
TIAA-CREF owned offices, retail and industrial properties valued at more than $18 billion in the U.S., Canada and western Europe as of Dec. 31, according to the statement.
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