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TH Real Estate announces successful closing of US Super Regional Mall Fund

Ala Moana

TH Real Estate has announced the successful closing of the T-C US Super Regional Mall Fund LP (“US SRM Fund”) after raising $1.25bn from investors.

TH Real Estate’s US SRM Fund seeks to provide investors with access to dominant super-regional malls via ventures with top tier operators. As one of the leading retail investors in the US with a $15bn, 64 million sq ft equity and debt portfolio comprised of malls, grocery anchored centres and urban retail, the firm has extensive sector expertise along with unique market analysis and asset selection capabilities.

“Super-regional malls have proven to be a distinctly strong and stable performer throughout multiple cycles. They have demonstrated high NOI growth, low volatility compared to other property sectors, and a history of out-performing the NCREIF Property Index*,” said Scott Kempton, managing director and the fund’s portfolio manager.

The US SRM Fund has capital commitments from several domestic and foreign institutional investors as well as TIAA’s General Account. To date, the Fund has invested approximately $685m and is seeking additional assets. With leverage, the equity commitments will allow the fund to target a portfolio of approximately $2.5bn.

“With the increased demand from institutional investors in real assets, we are continually leveraging our global investment experience to develop products that tap into high performing sectors,” added Scott Kempton. “We believe that US super-regional malls present a sound long-term investment given the current lack of mall construction and the shift towards consumers seeking entertainment experiences outside the home. These assets are unique, hands-on environments, often offering extensive food hall and fine dining options, as well as movie theatres and other attractions that can ultimately help drive traffic and sales.”

TH Real Estate is one of the largest real estate investment managers in the world with $97bn in AUM. Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, the firm provides access to every aspect of real estate investing. With offices in 18 cities throughout the US, Europe and Asia-Pacific, over 400 professionals and 60 years of investing experience, the platform offers deep local expertise coupled with a sophisticated global perspective that incorporates strategic insights into every stage of the investment process.

*Real estate investment performance data reported by NCREIF --the industry standard benchmark provider which tracks performance since 1978 -- shows that super-regional malls have delivered stronger risk-adjusted returns than the office, industrial and apartment property sectors over the last thirty years.  

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. ©2016 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017 C33104

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