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 (
) to a joint venture that is 51 percent owned by TIAA-CREF and 49 percent owned by APG. The
purchase price for the 49.9 percent interest in the center consists of
of cash and approximately
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.
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
, 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
, 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
. "This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset."
International Plaza is located adjacent to the
International Airport, at the center of the
metroplex. The 1,202,000 square foot center, which opened in
, is anchored by Dillard's,
, and Nordstrom. Taubman will continue to lease and manage the center.
The seller was represented by Eastdil Secured, LLC.