Simon acquires remaining interest in Taubman Realty Group
Simon Property Group has acquired the remaining interest in a longstanding real estate firm it purchased a majority of nearly five years ago.
Simon has announced the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership ("TRG") which it did not own in exchange for 5.06 million limited partnership units in Simon Property Group L.P. In December of 2020, Simon acquired an 80% ownership interest in TRG for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price, remaining a 20% partner in TRG.
"We are pleased to finalize this transaction, which will be accretive to Simon," said David Simon, chairman, CEO and president of Simon Property Group. "This acquisition aligns with our strategy of owning high-quality assets, unlocking operational synergies and driving further innovation. With full ownership of TRG, we are well-positioned to capitalize on new growth opportunities, increase net operating income and deliver long-term returns to our shareholders."
Founded in 1950 by Alfred Taubman, TRG operates more than 20 shopping centers in the United States, Puerto Rico and Asia.
"I want to thank everyone at Taubman, present and past, for their contributions to our success over the 75 years since our founding by my father Alfred," said Robert Taubman, chairman and CEO of TRG. "I also want to thank David and his team for our wonderful partnership over the past five years. With this transition, Billy and I look forward to being significant Simon shareholders for many years to come."
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Headquartered in Indianapolis, Simon is a real estate investment trust engaged in the ownership of premier shopping, dining and entertainment mixed-use destinations with roughly 200 properties across North America, Europe and Asia.
