New York, April 27, 2015 — TIAA-CREF, a leading U.S. financial services organization and the nation’s largest manager of U.S. institutional tax-exempt real estate assets*, today announced the acquisition of a 12.5% stake in the Ala Moana Center in Honolulu, Hawaii from General Growth Properties (GGP). TIAA-CREF and GGP are also partners in the Grand Canal Shoppes in Las Vegas.
Ala Moana Center is one of the largest and most productive shopping malls in the world with over $1,350 of tenant sales per square foot. The property is comprised of approximately 2.2 million square feet of retail and office space and is undergoing a major redevelopment. Upon completion, an additional 660,000 square feet of retail space will be anchored by Bloomingdale’s first store in Hawaii and Nordstrom, which is currently relocating within the center. Ala Moana Center also features Neiman Marcus, Macy’s and more than 280 first-class tenants including Apple, Cartier, Chanel, Ben Bridge, Bottega Veneta, Harry Winston, Hermes, Louis Vuitton, Miu Miu, Prada and Tiffany.
“This investment represents the opportunity to acquire an interest in one of the highest-performing retail assets in the world,” said Mike Fisk, Senior Director of Regional Mall Acquisitions for TIAA-CREF Global Real Estate. “Our research points toward positive indications for regional mall performance, due to a modest new supply pipeline, expected high productivity for top-quality malls and
TIAA-CREF (www.tiaa.org) is a national financial services organization with $866 billion in assets under management (as of 03.30.15) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About TIAA-CREF Global Real Estate
TIAA-CREF Global Real Estate is the real estate investment and management business of TIAA-CREF. As the nation’s largest manager of U.S. institutional tax-exempt real estate assets* with approximately $56 billion in assets under management, investment vehicles include directly owned properties, joint ventures, mortgages, REITs and funds. The platform has a global presence via the formation of London-based real estate asset management firm TIAA Henderson Real Estate (TH Real Estate), which has $26 billion in assets under management across 50 funds and mandates, bringing the combined worldwide assets under management for TIAA-CREF Global Real Estate and TH Real Estate to over $82 billion (as of 12.31.14).