WARSAW—TH Real Estate, on behalf of TIAA-CREF, has completed the purchase of a 50% interest in Factory Annopol in Warsaw, and Factory Krakow and Futura Park in Krakow, Poland. The latest acquisition in a 50/50 joint venture between TIAA-CREF and Neinver, a Spain-based developer of outlet malls, it marks the asset manager's first foray into the Polish market. Deal terms were not disclosed.

All three properties have been acquired from Neinver, their original developer. The JV's goal is to create a leading outlet platform in Europe, drawing initially on Neinver's exisiting portfolio and development pipeline.

“We have a strong interest in European shopping centers as we believe the continent is under-retailed, and the outlet mall sector is performing particularly well,” says Phil McAndrews, senior managing director and CIO of TIAA-CREF Global Real Estate. “Poland is an interesting market, as it is highly literate, has positive employment prospects and strong economic growth.”