News
GGP Sells Mall Stake to TIAA-CREF for $454M
General Growth Properties sold 12.5% of its stake in Hawaii's Ala Moana Center mall to TIAA-CREF for $454M. The deal follows GGP's February sale of a 25% stake in the property to an Australian pension fund for $907M. The New York-based TIAA-CREF paid $335M at closing and will pay the remainder next year following the 2.2M SF Honolulu mall's redevelopment. The transaction is another sign of demand for high-end retail centers. GGP is America's second largest mall owner. Simon Property, the largest, recently withdrew its $23.2B bid for another rival, Macerich. That deal would have further consolidated the red hot luxury shopping sector. [Bloomberg]
