The three parks are Battery Retail Park, Birmingham; CentralRetail Park, Falkirk and Sprowston Retail Park, Norwich. Theycomprise over 600,000 sf of prime space generating annual income of£6.24 million ($9.1 million). The final price paid depends on theprogress of lettings at the Central Retail Park, Falkirk, but themaximum Teachers will pay is another £20 million ($29 million).

Under the terms of the joint venture, Grantchester will retain25% of the rental income and will continue to manage the parks.Chief Executive Tim Walton said: 'The joint venture will enableGrantchester to retain an interest in the future growth of theseassets whilst reducing its equity commitment.' This is the secondsuch fund launched by the company. Earlier this year it launchedWestchester, a joint venture with Tom Hunter's West Coast Capital,which specialises in retail park development.

Laura McGrath, Managing Director responsible for TIAA's Europeanportfolio, said: 'We believe retail warehousing in the UK is aresilient sector of the property market, and one which is poised toshow strong renewed growth. These parks are already dominant withintheir catchments.'