TIAA Henderson Real Estate has inherited a 36% stake in a Brazilian shopping centre from TIAA-CREF.

The stake in the JK Iguatemi Mall in Sao Paulo was bought by TIAA-CREF earlier this year. The annoucement is the first made by TH Real Estate in Latin America since the joint venture was formed by TIAA-CREF and Henderson Global Investors.

The shopping centre is in TIAA-CREF’s General Account, which is funded by the group’s annuity book. TH Real Estate now manages all real estate investments outside the US for the General Account.

Iguatemi, which built the shopping centre, will continue to provide asset management and has a 14% stake in the joint venture and already held the remaining 50% stake.

Phil McAndrews, head of the Americas at TIAA-CREF, said: ”An expanding middle class and rising affluence in Brazil make owning dominant shopping centres such as JK Iguatemi Mall a very attractive investment.”

The mall, which opened in 2012, is let to tenants including Topshop, Prada, and Burberry.