The nation\u2019s largest mall operator, Simon Property Group, will acquire Taubman Centers Inc. in an all-cash deal. Simon will reportedly pay $52.50 per share for an 80% stake in Taubman\u2019s REIT\u2014valuing the deal at $3.6 billion. The Taubman family will retain a 20% ownership stake in TRG. The purchase price represents a 19% premium above Taubman\u2019s total enterprise value, which includes preferred equity and debt.<\/p>\n
Based in Bloomfield Hills, MI, Taubman manages more than 20 super-regional centers in the U.S. and Asia that total around 25 million square feet. Simon Property Group is based in Indianapolis and is an S&P 100 company with locations across North America, Europe, and Asia.<\/p>\n
Taubman\u2019s assets will continue to be managed by the existing executive team; Taubman\u2019s President, CEO and Chairman, Robert Taubman, will remain at the helm in partnership with Simon Property Group.<\/p>\n
Simon Chairman of the Board, President and CEO,\u00a0David Simon,\u00a0said, \u201cBy 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. I look forward to partnering with Bobby and the TRG executive team in this exciting new joint venture.\u201d<\/p>\n
Robert Taubman added, \u201cI am proud of all that this company\u2019s talented employees have achieved and am thrilled to have the opportunity to join together with Simon through this joint venture. Over the last few years, David and I have developed an excellent personal relationship and, importantly, 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.\u201d<\/p>\n
The deal is expected to close this summer.<\/p>\n","protected":false},"excerpt":{"rendered":"
The nation\u2019s largest mall operator, Simon Property Group, will acquire Taubman Centers Inc. in an all-cash deal. Simon will reportedly pay $52.50 per share for an 80% stake in Taubman\u2019s REIT\u2014valuing the deal at $3.6 billion. The Taubman family will retain a 20% ownership stake in TRG. The purchase price represents a 19% premium above…<\/p>\n","protected":false},"author":63,"featured_media":26549,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,40],"tags":[],"class_list":["post-26547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-retail","wpautop"],"acf":[],"yoast_head":"\n