TIAA has invested in a Spanish retail property asset in a joint venture with sector specialist Neinver.
The Nassica retail park in Getafe near Madrid was sold for an undisclosed price by KKR.
The 55,000sqm asset is worth around €140m, according to local media reports.
Carl White, director of European retail investments at TH Real Estate, said: “Spain has undergone considerable economic reforms that have put it in a good position to continue outperforming the euro-zone in terms of growth over the medium term.
“Madrid and Barcelona are leading the national recovery, and this has been reflected in soaring liquidity levels in the retail investment market.”
The asset, 97% let, was renovated in 2015.
Tenants include Carrefour, Media Markt and C&A.
White said the acquisition was of “great strategic importance”, with TH Real Estate also buying the adjacent Style Outlets asset.
“It gives us an incredibly rare opportunity to provide customers with a compelling retail, dining and leisure experience in one of the best cities in Europe,” he said.
Neinver, which developed Nassica originally, already had a stake in the property with KKR.
Private equity firm KKR bought the asset from British Land’s closed-end Pillar Retail Europark Fund in September 2014.