Asset Management

TIAA-CREF and APG Announce $1.5 Billion Real Estate Joint Venture

Targets Dominant Super-Regional Shopping Malls in the United States

New York, October 17, 2011

TIAA-CREF and APG today announced the formation and closing of a super-regional mall joint venture that is 51 percent owned by TIAA-CREF and 49 percent owned by APG.

The TIAA-CREF – APG joint venture has acquired interests in four properties containing 4.6 million square feet of gross leasable space with mall operator CBL & Associates Properties, Inc. (NYSE: CBL) and one property containing 1.2 million square feet of gross leasable space with the Westfield Group (ASX: WDC). Together, the five properties in which the joint venture is invested have a gross valuation in excess of $1.5 billion.

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.

Today’s announcement advances TIAA-CREF’s strategy of managing assets in partnership with sophisticated global investors from around the world.

“This relationship demonstrates the strength of our global real estate platform and our ability to partner with leading institutional investors to seek what we see as the most attractive real estate assets in the market today,” said Scott Kempton, managing director, Global Real Estate Portfolio Management at TIAA-CREF. “We believe that this venture will allow us to continue to capitalize on opportunities we see in the super-regional mall sector.”

“This partnership with TIAA-CREF combines the strength of two global investment platforms to pursue dominant U.S. mall assets with best-in-class operators. The venture is a continuation of APG’s strategy to invest with partners that have similar long-term investment objectives and the right mix of demonstrated management capabilities coupled with exceptional alignment of interests,” said Steven Hason, managing director, Co-Head of Americas Real Estate at APG. “Following recent acquisitions in Europe, this joint venture enables us to expand and complement our global portfolio of leading shopping center destinations.”

The first investment of the TIAA-CREF – APG joint venture is in the following properties: Oak Park Mall in Kansas City, KS; West County Center in St. Louis, MO; CoolSprings Galleria in Nashville, TN and Pearland Town Center in Pearland, TX with CBL & Associates Properties, Inc., and Westfield Montgomery in Bethesda, MD with the Westfield Group.

“We see dominant regional malls as being an important part of a well-diversified real estate portfolio, with the ability to provide durable income streams and long term value,” added Kempton.

TIAA-CREF directly owns over $17 billion (6/30/11) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada, and Western Europe.

About The Properties
Oak Park Mall in Kansas City (Overland Park), KS: Oak Park Mall is a more than 1.5 million square foot super-regional mall anchored by four department stores including the area’s only Nordstrom, Dillard’s, Macy’s and JCPenney and contains more than 180 specialty stores and restaurants.

West County Center in St. Louis (Des Peres), MO: West County Center is a 1.3 million square foot super-regional mall anchored by Nordstrom, Macy’s and JCPenney and contains more than 150 specialty retailers and restaurants.

CoolSprings Galleria in Nashville (Franklin), TN: CoolSprings Galleria is a more than one million square foot super-regional mall anchored by Belk, Dillard’s, JCPenney, Macy’s and Sears and contains more than 150 specialty stores and restaurants.

Pearland Town Center in Houston (Pearland), TX: Pearland Town Center is a 718,000 square foot open-air mixed-use lifestyle center with the retail anchored by Dillard’s, Macy’s and Barnes & Noble and contains more than 80 specialty retailers and restaurants.

Westfield Montgomery in Bethesda, MD: Westfield Montgomery is a 1.2 million square foot super-regional mall anchored by Nordstrom, Macy’s, Macy’s Home Store and Sears and contains more than 200 specialty stores and restaurants.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $469 billion in combined assets under management (as of 6/30/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

About APG
APG, a financial services provider in the collective pensions market, provides pension fund administration, asset management, management support and communication services to pension funds. For these pension funds and their 4.5 million active and retired participants from the public and private sector, APG manages pension assets totalling about EUR 280 billion (July 2011). APG administrates over 30 percent of all collective pension schemes in the Netherlands.

You can find more information at www.apg.nl .

Media Contacts:

Abby Aylman Cohen
Media Relations Manager 
TIAA-CREF
212 916-4381
aacohen@tiaa-cref.org

Michel Meijs
SVP, External Communications
APG Asset Management
917 368-3590
Michel.Meijs@apg-am.com

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