Simon Property Group has acquired an 80 percent ownership interest in Taubman Centers for $3.6 billion.
“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, Simon chairman of the board, CEO and president.
Simon, through its operating partnership, Simon Property Group, will acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20 percent partner in TRG.
TRG is engaged in the ownership, management and/or leasing of 26 super-regional shopping centers in the United States and Asia. TRG’s ownership includes 24 high-quality retail assets (including 21 in the United States and three in Asia), consist
