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David Simon

construction and designmanagementNewsproperty managementretailers

Simon Premium Outlets Outlines Multiple New Developments

by Katie Lee

Indianapolis — Simon has the following new developments in major growing U.S. markets — Carson, Calif.; Nashville, Tenn.; and Tulsa, Okla. — as well as the expansion of Woodbury Common Premium Outlets in New York. “We are thrilled to bring these new and compelling projects to serve their markets, and they will provide the quality, variety and value combination that retailers and consumers have come to know and expect from Simon,” says David Simon, chairman, CEO and president of Simon. North of New York City, Simon is detailing plans for the …

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managementNewspeopleproperty management

William S. Taubman Promoted to President & COO of The Taubman Company LLC

by Katie Lee

Bloomfield Hills, Mich. — The Taubman Company LLC has promoted William S. Taubman to president of the company; he will also retain his role as chief operating officer. Taubman will continue to report to Robert S. Taubman, chairman and chief executive officer, while leading the company’s development, center operations, leasing and strategic communications functions. “Billy grew up in our business and is a creative, extremely well-respected thought leader within the retail real estate industry,” says Robert Taubman. “He has deep and productive relationships throughout retailing, and particularly with our luxury …

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Simon Property Group Completes Acquisition of Taubman Centers, Inc.

by Katie Lee

Indianapolis — Simon Property Group, Inc. has completed its acquisition of an 80% ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group, L.P., acquired all of Taubman Centers, Inc. (TCO) common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20% partner in TRG. “We are very pleased to complete this transaction and to add …

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Simon Property Group Temporarily Closes All Domestic Properties

by Katie Lee

Indianapolis — After extensive discussions with federal, state and local officials and in recognition of the need to address the spread of COVID-19, Simon will close all of its retail properties, including malls, premium outlets and mills in the U.S. This measure took effect on March 18 and will end on March 29. “The health and safety of our shoppers, retailers and employees is of paramount importance and we are taking this step to help reduce the spread of COVID-19 in our communities,” says David Simon, chairman, CEO and president …

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managementNewsproperty managementretailers

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6 Billion

by Katie Lee

Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …

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