Mon, 12/05/2014 - 12:09
TIAA Henderson Real Estate (TH Real Estate) has added JK Iguatemi Mall located in Sao Paulo, Brazil to its global portfolio.
The addition follows TIAA-CREF’s acquisition of a 36 per cent interest in the mall pursuant to an agreement between the TIAA General Account and Iguatemi Empresa de Shopping Centers SA.
TH Real Estate, a joint venture between TIAA-CREF and Henderson Global Investors, manages investments made by the TIAA General Account outside of the US. TH Real Estate will eventually manage the investment on behalf of the Account.
As part of the agreement between Iguatemi and the TIAA General Account, Iguatemi acquired 14 per cent of JK Iguatemi and TIAA-CREF agreed to acquire the remaining 36 per cent stake. Iguatemi will continue to manage the property.
Located in Sao Paulo’s Vila Olimpia neighborhood, the JK Iguatemi Mall opened in June 2012. Its tenants include Topshop, Prada, and Burberry.
Iguatemi is one of the largest full-service companies in the Brazilian shopping malls sector. Its activities cover conception, planning, development and management of shopping centres and mixed-use real estate complexes. It has interests in 15 shopping malls, one outlet and three office towers, with a total GLA of more than 613,000 sq m and an own GLA of 385,000 sq m. It manages 14 of its malls, its outlet and its towers.
Phil McAndrews, head of the Americas at TIAA-CREF and one of TH Real Estate’s executive leadership team, says: “An expanding middle class and rising affluence in Brazil make owning dominant shopping centres such as JK Iguatemi Mall a very attractive investment. We are excited to co-invest with a savvy local mall operator such as Iguatemi and look forward to jointly identifying new investment opportunities with their team.”
James Darkins, chief executive, TH Real Estate, says: “We are very excited to extend the company’s global real estate reach into one of South America’s most vibrant economies. TIAA CREF’s stake in this mall builds on our global strategy of providing investment management services across the world’s most attractive markets and expanding our clients’ access to new investment opportunities.”
Fri 19/12/2014 - 18:30
Tue 16/12/2014 - 16:30
Mon 15/12/2014 - 21:30
Mon 15/12/2014 - 19:30
Mon 22/12/2014 - 15:00
Mon 22/12/2014 - 11:30
Mon 22/12/2014 - 10:45
Mon 22/12/2014 - 09:00
Mon, 22/Dec/2014 - 15:30
Mon, 22/Dec/2014 - 11:00
Mon, 22/Dec/2014 - 09:00
Mon, 22/Dec/2014 - 06:30
Mon, 22/Dec/2014 - 06:00
Fri, 19/Dec/2014 - 21:00
Sat, 20 Dec 2014 00:00:00 GMTEntry Level Financial Software Developer
Sat, 20 Dec 2014 00:00:00 GMTC#.NET Developer – Quantitative Risk, Fixed Income
Sat, 20 Dec 2014 00:00:00 GMT