Taubman to acquire Chinese retail property consultancy for $24 million

Bloomfield Hills, Mich. -- Shopping center owner Taubman Centers reported Monday that its Taubman Asia division will acquire 90% controlling interest in TCBL Consulting Limited, a Beijing-based retail real estate consultancy with seven offices in mainland China.



The $24 million acquisition, which creates a new company Taubman TCBL, will position Taubman to capture retail real estate opportunities in China, according to the company. Headquarters will remain in Beijing, under the leadership of Rene Tremblay, president of Taubman Asia, who will serve as chairman of Taubman TCBL, and TCBL joint managing director Thomas Tam, who will be named president and CEO of Taubman TCBL.