{"id":1004087345,"date":"2013-11-22T08:04:43","date_gmt":"2013-11-22T16:04:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087345"},"modified":"2022-12-08T18:09:27","modified_gmt":"2022-12-09T02:09:27","slug":"tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/","title":{"rendered":"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties"},"content":{"rendered":"
\"Tom<\/a>

Tom Garbutt<\/p><\/div>\n

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

TIAA-CREF and CNP Assurances have formed a joint venture to invest $1.2 billion in three retail properties in Germany.<\/p>\n

The New York-based financial services organization acquired the assets and will manage them on behalf of the joint venture. TIAA-CREF developed one of the shopping centers: Erlangen Arcaden in Erlangen, Germany. The other two properties are PEP in Munich and Gropius Passagen in Berlin.<\/p>\n

This is the first time TIAA-CREF has worked with CNP Assurances, a leading French insurance company, according to a TIAA-CREF spokesperson. AEW Europe advised CNP Assurances on the deal.<\/p>\n

The partnership is also the first time TIAA-CREF will manage European-based properties for a joint venture. TIAA-CREF has been investing in Europe for almost 20 years and in German retail properties since 2007, when it developed Erlangen Arcaden. The three shopping centers in the JV are the organization\u2019s only retail holdings at this time in Germany, the spokesperson said.<\/p>\n

\u201cGermany\u2019s improving economy and limited supply of retail space continue to make these properties attractive assets in TIAA-CREF\u2019s global real estate portfolio,\u201d Tom Garbutt, head of global real estate for TIAA-CREF, said in a news release. \u201cThis joint venture, with a partner like CNP Assurances who shares our long-term vision, will allow us to further diversify our portfolio and take advantage of investment opportunities that we believe will add value over time.\u201d<\/p>\n

The organization, which is also a leading provider of retirement services, said the new joint venture \u201cadvances its strategy to manage assets in partnership with sophisticated investors around the world.\u201d TIAA-CREF had $542 billion in assets under management as of Sept. 30. It manages real estate investments on behalf of sovereign wealth funds and other institutions in the United States. TIAA-CREF directly owns more than $28.5 billion in gross assets in the office, retail, industrial and multi-family sectors across the U.S. and Western Europe.<\/p>\n

Earlier this year, it made another big transaction for its global business. In June, TIAA-CREF and Henderson Global Investors, London, announced they were creating TIAA Henderson Global Real Estate. <\/a>The investment management company will consist of TIAA-CREF\u2019s European real estate business, Henderson\u2019s European and Asia-Pacific real estate businesses and a new global distribution and client service organization.<\/p>\n

Germany has been seeing investments in commercial real estate grow. Last week, Hines acquired a 952,539-square-foot logistics facility in Erfurt from a fund managed by CBRE Global Investors, giving it 4.9 million square feet of industrial holdings in the country.<\/a><\/p>\n

A Jones Lang LaSalle Inc. research report, “Shopping Centre Investment Market HI 2013,” noted that, \u201cthe continuing economic weakness in the eurozone has not damaged Germany\u2019s attractiveness as a destination for property investments.\u201d The report said asset\/fund managers comprised the largest group, 37 percent, of shopping center buyers\u00a0in Germany in the first half of 2013. The JLL report predicted a busy second half of the year for retail center investments in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

TIAA-CREF and CNP Assurances have formed a joint venture to invest $1.2 billion in three retail properties in Germany.<\/p>\n","protected":false},"author":755,"featured_media":1004087356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21749],"tags":[],"class_list":["post-1004087345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"\nTIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties\" \/>\n<meta property=\"og:description\" content=\"TIAA-CREF and CNP Assurances have formed a joint venture to invest $1.2 billion in three retail properties in Germany.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-11-22T16:04:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:09:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"222\" \/>\n\t<meta property=\"og:image:height\" content=\"316\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. Silverman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/\",\"name\":\"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg\",\"datePublished\":\"2013-11-22T16:04:43+00:00\",\"dateModified\":\"2022-12-09T02:09:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c76ee9cae0414c33cc46212296dda6b9\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg\",\"width\":222,\"height\":316,\"caption\":\"Tom Garbutt\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c76ee9cae0414c33cc46212296dda6b9\",\"name\":\"Suzann D. Silverman\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/SSilverman_101713_04_cropped-for-headshot.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/SSilverman_101713_04_cropped-for-headshot.jpg?w=96\",\"caption\":\"Suzann D. Silverman\"},\"description\":\"Suzann D. Silverman is editorial director of CPE. She has covered the commercial and multifamily real estate industry since 1995, becoming editor-in-chief of Commercial Property Executive (formerly Commercial Property News) in 1998 and editorial director of both CPE and Multi-Housing News in 2016. She is also a longtime board member of the National Association of Real Estate Editors, currently serving as vice president. You can reach her at suzann.silverman@cpe-mhn.com.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/suzann-d-silverman\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/","og_locale":"en_US","og_type":"article","og_title":"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties","og_description":"TIAA-CREF and CNP Assurances have formed a joint venture to invest $1.2 billion in three retail properties in Germany.","og_url":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-11-22T16:04:43+00:00","article_modified_time":"2022-12-09T02:09:27+00:00","og_image":[{"width":222,"height":316,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg","type":"image\/jpeg"}],"author":"Suzann D. Silverman","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/","url":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/","name":"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg","datePublished":"2013-11-22T16:04:43+00:00","dateModified":"2022-12-09T02:09:27+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c76ee9cae0414c33cc46212296dda6b9"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg","width":222,"height":316,"caption":"Tom Garbutt"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-cnp-assurances-form-1-2b-jv-for-german-retail-properties\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"TIAA-CREF, CNP Assurances Form $1.2B JV for German Retail Properties"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/c76ee9cae0414c33cc46212296dda6b9","name":"Suzann D. Silverman","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/SSilverman_101713_04_cropped-for-headshot.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/SSilverman_101713_04_cropped-for-headshot.jpg?w=96","caption":"Suzann D. Silverman"},"description":"Suzann D. Silverman is editorial director of CPE. She has covered the commercial and multifamily real estate industry since 1995, becoming editor-in-chief of Commercial Property Executive (formerly Commercial Property News) in 1998 and editorial director of both CPE and Multi-Housing News in 2016. She is also a longtime board member of the National Association of Real Estate Editors, currently serving as vice president. You can reach her at suzann.silverman@cpe-mhn.com.","url":"https:\/\/www.commercialsearch.com\/news\/author\/suzann-d-silverman\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/Tom-Garbutt-TIAA-CREF.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004087345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/755"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004087345"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004087345\/revisions"}],"predecessor-version":[{"id":1004619261,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004087345\/revisions\/1004619261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004087356"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004087345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004087345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004087345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}