US teachers' pension fund celebrates harvest festival

摘要

US teachers' pension fund TIAA-CREF was expected to exchange on its purchase of Grosvenor's Festival Place shopping centre in Basingstoke this week, for around £285m. Property Week revealed in April (news, 13.04.12) that TIAA-CREF was the f rontrunner to buy the mall (pictured). A sale at this price is expected to reflect a yield of 6.3%. The sale is expected to complete in two weeks' time, and has been eagerly awaited by the retail investment market to set current values because very little prime stock has changed hands this year.