February 10, 2020
Simon Property Group, the nation’s largest mall operator, has agreed to acquire Taubman Centers Inc. in an all-cash deal valued at $3.6 billion. The agreement entails Simon acquiring 80% ownership of the Taubman Realty Group Limited Partnership (TRG), with the Taubman family remaining a 20% partner in TRG.
Based in Bloomfield Hills, MI, TRG owns 24 super-regional shopping centers in the U.S. and Asia totaling 25 million square feet. They will continue to be managed by the existing Taubman executive team led by chairman and CEO Robert S. Taubman, in partnership with Simon.
“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,” said David Simon, chairman, CEO and president of Indianapolis-based Simon.
The sale is expected to close in mid-2020.
Pictured: Taubman Centers’ Mall at Short Hills in Short Hills, NJ.
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