This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Taubman, TIAA-CREF And APG Announce Sale Of Interest In International Plaza

BLOOMFIELD HILLS, Mich., Jan. 30, 2014 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO), TIAA-CREF, and APG today announced the completion of the sale of a 49.9 percent interest in International Plaza ( Tampa, Fla. ) to a joint venture that is 51 percent owned by TIAA-CREF and 49 percent owned by APG. The $499 million purchase price for the 49.9 percent interest in the center consists of $337 million of cash and approximately $162 million of beneficial interest in debt. Proceeds will be used to pay off Taubman's loan on Stony Point Fashion Park ( Richmond, Va.) and for general corporate purposes.

(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )

TIAA-CREF and APG's joint venture targets dominant super-regional malls located in major U.S. markets – generally those within the top quartile of super-regional mall assets – through joint venture acquisitions with major mall operators.

"TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio," said Phil McAndrews, managing director, TIAA-CREF. "We believe opportunities to invest in high quality assets with experienced operators are attractive for our investors over the long term."

"The acquisition of an interest in this market–leading asset is a compelling addition to the super-regional mall portfolio that APG has assembled globally," said Steven Hason, managing director and co-head of Americas Real Estate at APG Asset Management US.  "We look forward to participating in the ownership and continued success of International Plaza."

"We're delighted to align ourselves with two great institutional partners," said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers. "This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset."

International Plaza is located adjacent to the Tampa International Airport, at the center of the Tampa metroplex. The 1,202,000 square foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus, and Nordstrom. Taubman will continue to lease and manage the center.

The seller was represented by Eastdil Secured, LLC.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs