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TIAA Henderson Real Estate extends reach into South America

TIAA Henderson Real Estate (TH Real Estate) is pleased to announce the addition of JK Iguatemi Mall located in Sao Paulo, Brazil to its global portfolio.

The addition follows TIAA-CREF’s acquisition of a 36% interest in the mall pursuant to an agreement between the TIAA General Account and Iguatemi Empresa de Shopping Centers SA (Iguatemi). TH Real Estate, a joint venture between TIAA-CREF and Henderson Global Investors, manages investments made by the TIAA General Account outside of the United States. 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% of JK Iguatemi and TIAA–CREF agreed to acquire the remaining 36% stake. Iguatemi will continue to manage the property.

Located in Sao Paulo’s Vila Olimpia neighborhood, the JK Iguatemi Mall opened in June, 2012 and is already recognized as one of the top five assets in the country. Its tenants include Topshop, Prada, and Burberry. 

Iguatemi Empresa de Shopping Centers S.A. (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. It also has two shopping malls, two outlets and one commercial tower in development, and three expansions in progress at its existing malls.

Phil McAndrews, Head of the Americas at TIAA-CREF and one of TH Real Estate’s Executive Leadership Team, said: "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, added: "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."

Disclaimer

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.

TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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