Simon Property Group and Taubman Centers have unfortunately called off their planned merger, citing the impact of Covid-19 on the retail industry.
Simon was to buy an 80 percent interest in Taubman, with the Taubman family retaining a 20 percent stake in a $3.6 billion deal. Taubman owns, manages and/or leases twenty three super-regional shopping centres in the US and three in Asia.
Simon says it was pulling out of the deal because it believed Taubman’s properties were “disproportionately hurt” by the pandemic due to their location in densely populated cities and tourist locations and had high-end tenants whose sales had been hit particularly hard this year.
