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TIAA fund holds $1.25b close

by Andrea Waitrovich

TIAA Global Asset Management has announced the closing of its T-C U.S. Super Regional Mall Fund, raising $1.25 billion from investors. U.S. SRM Fund seeks to provide investors with access to dominant super-regional malls via ventures with top-tier operators.

“Super-regional malls have proven to be a distinctly strong and stable performer throughout multiple cycles. They have demonstrated high NOI growth, low volatility compared to other property sectors and a history of outperforming the NCREIF Property Index,” said Suzan Amato, managing director at TIAA Global Asset Management.

The U.S. SRM Fund has capital commitments from several domestic and foreign institutional investors as well as TIAA’s General Account. To date, the fund has invested approximately $685 million and is seeking additional assets. With leverage, the equity commitments will allow the fund to target a portfolio of approximately $2.5 billion.

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