Pearland Town Center is a CBL-owned open-air lifestyle mall outside Houston
that is part of a $1.09 billion joint venture between the Chattanooga
company and New York pension fund TIAA-CREF.
Contributed PhotoCBL & Associates Properties Inc., one of the nation’s largest mall and shopping center developers, on Tuesday unveiled its biggest joint venture ever.
Chattanooga-based CBL and New York pension fund TIAA-CREF announced a $1.09 billion joint venture in which the retirement system will invest about $480 million in four of CBL’s key retail sites.
The companies and analysts said the deal will cut CBL’s debt load and position the joint venture to pursue other acquisitions.
“This transaction will not only further our de-leveraging efforts by reducing our total debt by approximately $480 million, it will also create a vehicle to pursue future growth opportunities,” said Stephen Lebovitz, CBL’s chief executive officer.
Investors applaud