TIAA-CREF Global Real Estate and Developers Diversified Close on Joint Venture and Acquire 67 Community Retail Center Properties for $3 Billion

Thu Mar 1, 4:45 PM

NEW YORK, March 1 /PRNewswire/ -- TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, and Developers Diversified, the nation's leading owner, manager and developer of market-dominant community centers, announced the closing of their joint venture created to purchase a portfolio of 67 community retail centers for approximately $3.0 billion of total asset value.

"These retail properties are a superb addition to our well diversified portfolio of high quality real estate assets," said Tom Garbutt managing director and head of TIAA-CREF's Global Real Estate unit. "TIAA-CREF's commitment to these properties not only adds to the retail allocation of our portfolio, but it underscores our belief that this is a strong collaboration, with a strong strategic partner."

Given Developers Diversified's size and experience, TIAA-CREF expects to receive added value from Developers Diversified's management through enhanced operating proficiency and strong tenant relationships.

An affiliate of TIAA contributed 85% of the equity in the joint venture, and an affiliate of Developers Diversified contributed 15% of the equity in the joint venture. Leverage did not exceed 60% of the aggregate value of the properties.

The properties in this portfolio are located predominately in Southeastern U.S. markets and are currently anchored by leading discount and specialty retailers.

About TIAA-CREF:

TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management (12/30/06) and the leading provider of retirement services to individuals and institutions in the academic, research, medical, philanthropic and cultural fields. Learn more About TIAA-CREF.

    TIAA-CREF Contact:
     Chad Peterson, Director, Corporate Media Relations
     cpeterson@tiaa-cref.org, 212-916-4808 Cell: 917-715-9083

     Jennifer Compton, Sr. Media Relations Officer
     jcompton@tiaa-cref.org, 212-913-3486  Cell: 917-597-8896

"TIAA-CREF Asset Management is a division of Teachers Advisors, Inc., a registered investment advisor and wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). TIAA-CREF Individual & Institutional Services, LLC, distributes securities, member NASD."

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SOURCE TIAA-CREF

Contacts

Chad Peterson
Director
Corporate Media Relations
+1-212 916-4808
or Cell: +1-917-715-9083
cpeterson@tiaa-cref.org
or Jennifer Compton
Sr. Media Relations Officer
+1-212-913-3486
or Cell: +1-917-597-8896
jcompton@tiaa-cref.org