BLOOMFIELD HILLS — Taubman Centers Inc. sold 49.9 interest in International Plaza to TIAA-CREF and APG. As a result of the sale, International Plaza in Tampa, Fla. is 51 percent owned by TIAA-CREF and 49 percent owned by APG. The $499 million purchase price for the 49.9 percent interest in the center consists of $337 million of cash and approximately $162 million of beneficial interest in debt.
TIAA-CREF and APG target super regional malls in major US markets through joint venture acquistions with major mall operators.
“TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio,” said Phil McAndrews, managing director of TIAA-CREF. “We believe opportunities to invest in high quality assets with experienced operators are attractive for our investors over the long term.”
“The acquisition of an interest in this market–leading asset is a compelling addition to the super-regional mall portfolio that APG has assembled globally,” said Steven Hason, managing director and co-head of Americas Real Estate at APG Asset Management US. “We look forward to participating in the ownership and continued success of International Plaza.”
“We’re delighted to align ourselves with two great institutional partners,” said Robert S. Taubman, chairman, president, and CEO of Taubman Centers in Bloomfield Hills. “This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset.”
Open since 2001, the 1.2 millon square foot center, is adjacent to the Tampa International Airport and is anchored by Dillard’s, Neiman Marcus, and Nordstrom. Taubman will continue to lease and manage the center.