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Stock Market & Financial Investment News

News Breaks
May 16, 2013
16:38 EDTGGPGGP and TIAA-CREF enter partnership to own the Grand Canal Shoppes
General Growth Properties and TIAA-CREF announced they have formed a partnership to own and operate The Grand Canal Shoppes, including The Shoppes at the Palazzo, located in Las Vegas, Nevada. Effective with the partnership formation, GGP and TIAA-CREF will each own approximately 50 percent of The Grand Canal Shoppes. The partnership is limited to the retail portion of the property. Prior to the formation of the partnership, GGP owned 100 percent of the property. The transaction generated approximately $410 million of net proceeds, and GGP will continue to provide management and leasing services.
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