TIAA-CREF, the pension fund manager for teachers in the US, and German retail specialist Mfi have formed an 80-20 joint venture to acquire the Gropius Passagen shopping centre in Berlin. The asset was sold by German property investor WealthCap on behalf of its closed-end HFS Immobilien Deutschland 11 fund. The transaction price amounted to a total of EUR 341 mln.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
