TIAA-CREF buys Munich mall for €415m

The New York-based retirement fund has agreed to acquire the Perlacher Einkaufsparadies shopping centre in Germany from RREEF.

TIAA-CREF has agreed to acquire the Perlacher Einkaufsparadies mall in Munich for roughly €415 million. According to data provider Real Capital Analytics, the New York-based retirement fund is purchasing the 644,925-square-foot shopping centre from RREEF. A spokesperson for TIAA-CREF declined to comment. 

Built in 1981 and renovated in 2000, the Perlacher Einkaufsparadies shopping centre houses more than 110 shops, a department store, a supermarket, restaurants and cafes. It is anchored by Game Shop, Esprit and Levi Strauss & Co.

The acquisition follows the announcement earlier this month of TIAA-CREF's joint venture with Netherlands-based APG to acquire stakes in a portfolio of five US regional malls valued at $1.53 billion. The joint venture is 51 percent owned by TIAA-CREF and 49 percent owned by APG. 

Additionally, it was announced in September that the retirement fund acquired 33 Arch Street in Boston, a 33-story office tower, from a partnership between AREA Property Partners and Ivanhoé Cambridge, the real estate subsidiary of Caisse de dépôt et placement du Québec, for $365.8 million.