David simon malls9/3/2023 ![]() ![]() Taubman said in a statement, “Since Taubman Centers’ founding 70 years ago, we have built a portfolio of high-quality assets and continuously adapted to the evolving retail landscape. ![]() I look forward to partnering with Bobby and the TRG executive team in this exciting new joint venture.” By joining together, we will enhance the ability of TRG to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities. In a statement, Simon Chairman of the Board, Chief Executive Officer and President David Simon said, “We are very pleased to announce this transaction, which will be immediately accretive to Simon’s FFO. “The parties have agreed to work together to implement best practices to achieve operational efficiencies and will eliminate Taubman’s public company costs immediately following closing,” the release states. Taubman, in partnership with Simon, will continue to manage the properties following the sale. The deal is expected to close in mid-2020, according to the press release, and current Taubman Chairman, President and Chief Executive Officer Robert S. “After the transaction is completed, Taubman expects to operate much as we do today, including related to the ownership of our properties and how we serve our shoppers.” “Both Taubman and Simon will continue to operate as usual and as separate companies until the transaction closes,” Taubman spokesperson Maria Mainville told in an email. Other high-end properties nationwide include The Mall at Short Hills (New Jersey), Beverly Center (Los Angeles), Fair Oaks Mall (Virginia), The Mall at Green Hills (Nashville), and International Market Place (Waikiki, HI). In addition to Westfarms, in Connecticut Taubman also owns Stamford Town Center. and three in Asia, totally roughly 25 million feet of gross leasable area. and Asia to Simon Property Group.Ī press release issued by Simon, states that “t hrough its operating partnership, Simon Property Group, L.P., will acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG.” TRG – Taubman Realty Group – owns 21 high-end shopping centers in the U.S. 10, will result in the transfer of ownership of Taubman’s shopping centers in the U.S. Westfarms, located on the West Hartford/Farmington border, will be sold to Simon Property Group as part of an agreement for Simon to acquire Taubman Centers, Inc.Ī deal valued at approximately $3.6 billion, announced Monday, Feb. ![]()
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