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TIAA FINANCES REBUILDING OF CUTLER RIDGE MALL

 CUTLER RIDGE, Fla., April 19 /PRNewswire/ -- Teachers Insurance and Annuity Association (TIAA), the first mortgage holder on Cutler Ridge Mall, south Dade County, Fla., and part of the largest pension fund in the world, will be providing financing for rebuilding of the mall, which was severely damaged by Hurricane Andrew on Aug. 24, 1992.
 In announcing this today, TIAA vice president and managing director John B. Jardine said, "TIAA is delighted to play an integral role in helping south Dade County restore itself to and, perhaps, even surpass the level of economic vitality that it had enjoyed prior to the misfortunes caused by Hurricane Andrew, while at the same time making a sound investment for our pension plan participants." TIAA-CREF serves nearly 1.6 million policyholders at approximately 5,000 educational and research institutions.
 TIAA is providing The Edward J. DeBartolo Corporation, the mall's owner, with approximately $16 million in financing for the rebuilding of the mall. The amount of TIAA's original mortgage loan to DeBartolo for the mall was nearly $56 million. "We have enjoyed a successful 10-year relationship with the DeBartolo Corporation, one of the premier mall development and management firms in the nation, and regard our investment in the rebuilding of Cutler Ridge Mall as an excellent extension of this relationship," said Jardine.
 TIAA is part of TIAA-CREF, the world's largest pension fund, currently with more than $118 billion in assets under management; TIAA represents some $63 billion, including mortgage and real estate investments, with Florida representing the largest percentage of TIAA mortgage and real estate investments in the southeastern U.S. and sixth largest percentage nationwide.
 "The decision to provide financing for the rebuilding of Cutler Ridge Mall is based on extensive market and financial analysis that TIAA conducted after the storm," Jardine explained. "TIAA concluded that the rebuilding of the mall represented a delicate balance between our mission as a fiduciary for our pension plan participants and our mission to adapt certain investment policies toward socially responsible investment goals. After thorough deliberations on the effects of many economic and market variables, it is TIAA's opinion that south Dade Country will remain an integral business and residential community for the long term due to the diversity of its economic base that was well established before the destruction from the storm. As a result, TIAA decided that the rebuilding of the mall represented an economically sound investment in the best interest of our pension plan participants."
 -0- 4/19/93
 /CONTACT: Tom Pinto, public information officer of TIAA-CREF, 212-916-5986/


CO: Teachers Insurance and Annuity Association ST: Florida IN: SU:

AH-TS -- NY005 -- 7539 04/19/93 15:30 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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