TIAA-CREF has paid $454m for a 12.5% stake in the Ala Moana Center, a shopping mall in Honolulu, Hawaii.
The stake was acquired from General Growth Properties, which earlier this year sold a 25% stake in the shopping centre to pension fund AustralianSuper.
The purchase price includes $119m that will become due next year, once the 2.2m-square-foot retail space has undergone redevelopment.
