SAO PAULO—TIAA-CREF, a U.S. financial services organization, says that the TIAA General Account completed the purchase of a 36% stake in JK Iguatemi Mall, Sao Paulo. The investment extends TIAA-CREF’s global real estate strategy to one of South America’s most vibrant economies.

“An expanding middle class and rising affluence in Brazil make owning dominant shopping centers such as JK Iguatemi Mall a very attractive investment,” said Phil McAndrews, managing director, head of Americas for TIAA-CREF’s real estate business. “This stake builds on TIAA-CREF’s global strategy of owning commercial real estate in the world’s most attractive markets and aligning with local operators to expand our access to new investment opportunities.”

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