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Taubman Centers

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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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Newsproperty management

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800 Million

by Katie Lee

Indianapolis and Bloomfield Hills, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80% interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of …

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Newsproperty managementretailers

Simon Terminates $3.6 Billion Taubman Merger Agreement

by Katie Lee

Indianapolis — Simon Property Group has terminated its Feb. 9 merger agreement with Taubman Centers Inc. Simon also filed an action on June 10 in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80% interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared with other …

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Newsproperty managementrestaurantsretailers

Taubman Temporarily Closes Shopping Centers in Response to COVID-19

by Katie Lee

Bloomfield Hills, Mich. — As of March 19, 2020, Taubman Centers, Inc. temporarily closed all but two of the company’s U.S. shopping centers in response to COVID-19. The closures will continue through March 29, or later if required by state or local government. “After numerous discussions with state and local officials, we will temporarily cease operations in all but two centers this evening,” says the company’s chairman, president and CEO, Robert S. Taubman. “We are clearly in unprecedented times and this is right decision for our shoppers, retailers, employees and …

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construction and designNewsrestaurants

Four New Restaurants to Join Beverly Center as Part of $500 Million Renovation

by Katie Lee

Los Angeles — Taubman Centers, Inc. has named four new restaurants that will join Beverly Center’s culinary lineup as part of the shopping and dining destination’s $500 million reimagination. The restaurants — Cal Mare, Eggslut, FARMHOUSE and Yardbird — will be located on Level 1 and all are anticipated to open by the end of 2018.

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