TIAA-CREF in JV with CNP Assurances

TIAA-CREF has set up a €924m retail joint venture with French insurance company CNP Assurances. The US financial services firm has put three prime German shopping malls into the venture, in its first move into managing assets with a partner in Europe.

The centres are the Erlangen Arcaden, which TIAA-CREF developed in 2007 in its first move into Germany; PEP, a 650,000 sq ft centre in Munich; and the 1m sq ft Gropius Passagen, Berlin’s largest, acquired by TIAA-CREF in April last year.

AEW Europe advised CNP. TIAA-CREF, which is merging its European and Asian real estate arm with Henderson Global Investors to create TIAA Henderson Real Estate, already manages assets in partnership with institutional investors in the US.

Tom Garbutt, head of global real estate, said: “This joint venture will allow us to diversify our portfolio and take advantage of investment opportunities we believe will add value over time.”