TIAA Unit Closes $1.2B Super-Regional Mall Fund
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Oak Park Mall in Kansas City, acquired by TIAA-CREF in 2011
New York—After raising $1.25 billion from investors,TIAA Global Asset Management has successfully closed its T-C U.S. Super Regional Mall Fund LP, TIAA announced Monday. The U.S. SRM Fund reportedly has capital commitments from several domestic and foreign institutional investors and from TIAA’s General Account.
With leverage, these equity commitments will allow the fund to assemble a portfolio of approximately $2.5 billion. To date, the fund has invested roughly $685 million.
The U.S. SRM Fund is intended to “provide investors with access to dominant super-regional malls via ventures with top tier operators,” according to TIAA, which touts its extensive experience in the retail sector and its position as one of the United States’ leading retail investors. TIAA has a $15 billion, 64 million-square-foot equity and debt portfolio comprising malls, grocery-anchored centers and urban retail…
