An Indianapolis-based retail real estate giant is acquiring Bloomfield Hills-based Taubman Centers — which owns and operates Twelve Oaks Mall in Novi and Great Lakes Crossing in Auburn Hills — in a $3.6 billion deal announced Monday.
Simon Property Group will purchase all of Taubman Centers' common stock for $52.50 a share, according to a news release. The Taubman family will sell about one third of its ownership interest and remain a 20 percent partner.
Taubman President and CEO Robert Taubman will continue to manage the existing executive team in partnership with Simon.
"I am proud of all that this company's talented employees have achieved and am thrilled to have the opportunity to join together with Simon through this joint venture," Robert Taubman said. "Simon shares our commitment to serving retailers, shoppers and the communities in which we operate. The board and I are confident that Simon is the ideal partner to help us build on our progress."
More: Epidemic of empty stores threatens more metro Detroit shopping malls
More: Detroit Vs Everybody closes 4 metro Detroit locations: Here's why
Taubman owns 24 retail properties that consist of about 25 million feet of gross leasable area, according to the company.
"By joining together, we will enhance the ability of TRG (The Taubman Realty Group Limited Partnership) 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," said Simon CEO and President David Simon.
Taubman Centers sold seven U.S. malls in 2014, including Fairlane Town Center in Dearborn and The Mall at Partridge Creek in Clinton Township.
Contact Omar Abdel-Baqui: 313-222-2514 or oabdel-baqui@freepress.com. Follow him on Twteer @omarabdelb
https://news.google.com/__i/rss/rd/articles/CBMibGh0dHBzOi8vd3d3LmZyZWVwLmNvbS9zdG9yeS9tb25leS9idXNpbmVzcy8yMDIwLzAyLzEwL3R3ZWx2ZS1vYWtzLWdyZWF0LWxha2VzLWNyb3NzaW5nLW1hbGwtc2FsZS80NzEyMjQyMDAyL9IBJGh0dHBzOi8vYW1wLmZyZWVwLmNvbS9hbXAvNDcxMjI0MjAwMg?oc=5
2020-02-10 16:22:00Z
52780601708206
Tidak ada komentar:
Posting Komentar