CBL and TIAA-CREF in $1.09 billion real estate joint venture
New York City -- TIAA-CREF, a national financial services organization and a provider of retirement services for educators, and CBL & Associates Properties have formed a $1.09 billion real estate joint venture to invest in market-dominant shopping malls.
TIAA-CREF will invest in four of CBL’s shopping malls: Oakland Park Mall, Kansas City, Ks.; West County Center, St. Louis; CoolSprings Galleria, Nashville; and Pearland Town Center, Pearland, Texas.
“We believe TIAA-CREF is the right partner for CBL and together have structured a mutually beneficial venture,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties. “We are pleased to recognize the significant enhancement in value for our portfolio through this transaction.”
Lebovitz added: “This transaction will not only further our deleveraging efforts by reducing our total debt by approximately $480 million, it will also create a vehicle to pursue future corporate growth opportunities.”
CBL will continue to manage and lease the properties. CBL said it anticipates closing on the transaction by third quarter 2011