EX-99.1
2
c47127_ex99-1.htm
Exhibit 99.1
TIAA-CREF Global Real Estate and Developers Diversified Close on Joint Venture and Acquire 67 Community Retail Center Properties for $3 Billion
NEW YORK, March 1 -- TIAA-CREF, the financial services organization and leading provider of retirement services in the academic, research, medical and cultural fields, and Developers Diversified, the nation's leading
owner, manager and developer of market-dominant community centers, announced the closing of their joint venture created to purchase a portfolio of 67 community retail centers for approximately $3.0 billion of total asset value.
"These retail properties are a superb addition to our well diversified portfolio of high quality real estate assets", said Tom Garbutt managing director and head of TIAA-CREF's Global Real Estate unit. "TIAA-CREF's
commitment to these properties not only adds to the retail allocation of our portfolio, but it underscores our belief that this is a strong collaboration, with a strong strategic partner".
Given Developers Diversified's size and experience, TIAA-CREF expects to receive added value from Developers Diversified's management through enhanced operating proficiency and strong tenant relationships.
An affiliate of TIAA contributed 85% of the equity in the joint venture, and an affiliate of Developers Diversified contributed 15% of the equity in the joint venture. Leverage did not exceed
60% of the aggregate value of the properties.
The properties in this portfolio are located predominately in Southeastern U.S. markets and are currently anchored by leading discount and specialty retailers.
About TIAA-CREF:
TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management (12/30/06) and the leading provider of retirement services to individuals and institutions in
the academic, research, medical, philanthropic and cultural fields. Learn more About TIAA-CREF.
TIAA-CREF Contact:
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org
, 212-916-4808 Cell: 917-715-9083
Jennifer Compton, Sr. Media Relations Officer
jcompton@tiaa-cref.org
, 212-913-3486 Cell: 917-597-8896

EX - 99 . 1 2 c47127 _ ex99 - 1 . htm Exhibit 99 . 1 TIAA - CREF Global Real Estate and Developers Diversified Close on Joint Venture and Acquire 67 Community Retail Center Properties for $ 3 Billion NEW YORK , March 1 -- TIAA - CREF , the financial services organization and leading provider of retirement services in the academic , research , medical and cultural fields , and Developers Diversified , the nation ' s leading owner , manager and developer of market - dominant community centers , announced the closing of their joint venture created to purchase a portfolio of 67 community retail centers for approximately $ 3.0 billion of total asset value . " These retail properties are a superb addition to our well diversified portfolio of high quality real estate assets " , said Tom Garbutt managing director and head of TIAA - CREF 's Global Real Estate unit . " TIAA - CREF 's commitment to these properties not only adds to the retail allocation of our portfolio , but it underscores our belief that this is a strong collaboration , with a strong strategic partner " . Given Developers Diversified 's size and experience , TIAA - CREF expects to receive added value from Developers Diversified 's management through enhanced operating proficiency and strong tenant relationships . An affiliate of TIAA contributed 85 % of the equity in the joint venture , and an affiliate of Developers Diversified contributed 15 % of the equity in the joint venture . Leverage did not exceed 60 % of the aggregate value of the properties . The properties in this portfolio are located predominately in Southeastern U . S . markets and are currently anchored by leading discount and specialty retailers . About TIAA - CREF : TIAA - CREF is a national financial services organization with more than $ 406 billion in combined assets under management ( 12 / 30 / 06 ) and the leading provider of retirement services to individuals and institutions in the academic , research , medical , philanthropic and cultural fields . Learn more About TIAA - CREF . TIAA - CREF Contact : Chad Peterson , Director , Corporate Media Relations cpeterson@tiaa-cref.org , 212 - 916 - 4808 Cell : 917 - 715 - 9083 Jennifer Compton , Sr . Media Relations Officer jcompton@tiaa-cref.org , 212 - 913 - 3486 Cell : 917 - 597 - 8896
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