Taubman sells share of International Mall for $499 million

TAMPA —Retail real estate investment trust Taubman Centers Inc. sold a 49.9% interest in Tampa's International Plaza to a joint venture that is 51% owned by financial services company TIAA-CREF and 49% owned by Dutch pension services APG for $499 million.

The purchase price consists of $337 million in cash and $162 million of beneficial interest in debt.

The TIAA-CREF and APG joint venture targets dominant super-regional malls located in major U.S. markets through joint venture acquisitions with mall operators.