TIAA-CREF entered into a joint venture with real estate investment...

TIAA-CREF entered into a joint venture with real estate investment trust Developers Diversified Realty and will buy a $3 billion portfolio of community retail centers, said Glen Weiner, TIAA-CREF spokesman. The portfolio is part of a $6 billion portfolio Developers Diversified will acquire when its merger with Inland Retail Real Estate Trust is completed, probably in the first quarter of 2007. TIAA-CREF will have an 85% interest in the portfolio, while Developers Diversified will hold the remaining 15%.