SAO PAULO—TIAA-CREF, a U.S. financial services organization, says that the TIAA General Account completed the purchase of a 36% stake in JK Iguatemi Mall, Sao Paulo. The investment extends TIAA-CREF's global real estate strategy to one of South America's most vibrant economies.

“An expanding middle class and rising affluence in Brazil make owning dominant shopping centers such as JK Iguatemi Mall a very attractive investment,” said Phil McAndrews, managing director, head of Americas for TIAA-CREF's real estate business. “This stake builds on TIAA-CREF's global strategy of owning commercial real estate in the world's most attractive markets and aligning with local operators to expand our access to new investment opportunities.”

The JK Iguatemi Mall investment follows the successful launch earlier this month of TIAA Henderson Real Estate, TIAA-CREF's joint venture with Henderson Global Investors that pursues core and value-add real estate investment opportunities in Europe and Asia. The joint venture, an extension of TIAA-CREF's $48.2 billion global real estate platform, manages $22.6 billion of assets across 50 funds and mandates, overseen by a network of offices in Asia, Europe and North America. TIAA-CREF's ownership in JK Iguatemi Mall will be made through the TIAA General Account, a significant client of TH Real Estate, which will eventually manage the investment on behalf of the Account.