Aug
07
TIAA, GGP Go Shopping in Vegas
ByTIAA Global Asset Management purchased a 50 percent stake in the Fashion Show Mall for a whopping $1.25 billion.
Fashion Show Mall, Las Vegas
Las Vegas—TIAA Global Asset Management is teaming up for a third time with mall owner General Growth Properties Inc., as a partner on one of its high-end shopping centers. Under the latest joint venture deal, TIAA owns 50 percent of the Fashion Show Mall in Las Vegas, after purchasing its stake for $1.25 billion.
The information was made public this week by GGP CEO Sandeep Mathrani during the company’s second-quarter earnings conference call. Mathrani, who noted that the transaction values the 1.9 million-square-foot property at $2.5 billion, called Fashion Show a “one-of-a-kind asset.”…
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