TIAA-CREF Acquires PEP Shopping Centre in Munich from RREEF

Sees Long-Term Value in Dominant Core Properties in Major European Markets

New York – 12 December 2011 – TIAA-CREF today announced it has purchased Perlach Einkaufs Passagen (PEP) a 60,400m2 (650,000 sq ft) shopping centre in Munich, Germany through a holding structure wholly-owned by TIAA.

The property, acquired from RREEF Investment GmbH, acting on behalf of its Grundbesitz Europa real estate fund, has a diverse mix of tenants and features 125 speciality stores with major tenants Kaufland, Saturn, Peek & Cloppenburg, H&M and Wöhrl. The acquisition also includes an approximate 7,000m² land parcel located opposite the shopping centre.

“PEP fits perfectly with TIAA-CREF’s strategy of acquiring dominant, well-located and well-leased shopping centres in economically strong regions around the world,” said Aymeric Thibord, Director, Real Estate Investment, TIAA-CREF Asset Management UK Limited1. “We believe the strong tenant mix and performance to date, coupled with a retail turnover level well in excess of €6,000 per square meter will also provide opportunities to continue to improve the property over the long term through active management.”

Constructed in 1981, the property has undergone several extensions and refurbishments to improve the property. The property includes two on-site parking facilities with more than 2,000 parking spaces. The shopping centre is conveniently located in a popular residential district with more than 280,000 local inhabitants that live within ten minutes by car and 1.6 million within a 30 minute driving radius.

TIAA-CREF owns more than $17 billion (9/30/11) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada, and Western Europe.

Notes to Editors

About TIAA-CREF Asset Management UK Limited
TIAA-CREF Asset Management UK Limited is a European real estate advisory business located in London.

About TIAA-CREF
TIAA-CREF ( www.tiaa-cref.org) is a national financial services organization with $440 billion in combined assets under management (as of 9/30/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

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