Simon Property Group has completed its purchase of 80% of Taubman Realty Group.
The total cost of the deal, which was announced https://chainstoreage.com/simon-buy-taubman-centers-all-cash-mega-deal in February, was approximately $3.4 billion, based on a share price of $43 for Taubman’s common stock. Simon paid cash from existing liquidity.
"We are very pleased to complete this transaction and to add some of the world's premier retail assets to our portfolio," said David Simon, chairman, CEO and president, Simon, the nation’s biggest owner of malls. "This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates.”
Taubman owns, manages or leases 26 premium shopping malls in the U.S. and Asia, including The Mall at Short Hills in Short Hills, N.J., and Beverly Center in Los Angeles.
"David and I share a vision for optimizing TRG's assets and a strong commitment to our shoppers, retail partners, and communities,” said Robert Taubman, chairman, CEO, and president and CEO of TRG.