Blackstone buys three Asia shopping centers

Taubman Centers has sold 50 percent of Taubman Asia’s interests in three Asia-based shopping centers to funds managed by The Blackstone Group.

The interests are valued at $480 million.

Blackstone will be making this investment through its Asia Core+ real estate investment unit. The investment unit targets substantially stabilized office, logistics, residential and retail assets in high-quality Asian geographies and gateway cities.

Taubman will remain the partner responsible for the joint management of the three shopping centers and retain the following ownership interests:

The recently opened assets are the dominant shopping centers in their high-growth markets and benefit from favorable supply dynamics. The Starfield Hanam shopping center is already one of the most