Simon Property buying majority stake in Taubman
Posted February 10, 2020 5:06 am.
The Simon Property Group will buy mall operator Taubman Realty in a deal valued at around $3.6 billion as those properties continue to struggle along with their retail tenants.
Simon Property Group Inc. said Monday that its operating partnership, Simon Property Group, LP, will buy all of Taubman stock for $52.50 per share. The Taubman family will sell about one-third of its ownership stake at the transaction price and remain a 20% partner in Taubman Realty Group LP.
Taubman Realty owns, manages or leases 26 shopping centres in the U.S. and Asia, including The Mall at Short Hills in New Jersey, and Waterside Shops in Naples, Florida.
The deal is expected to close by the middle of the year. It still needs approval from two-thirds of the outstanding Taubman voting stock and a majority of outstanding Taubman voting stock not held by the Taubman family.
The Associated Press
