The property group now has an 80 per cent ownership interest in The Taubman Realty Group Limited Partnership.
Simon, through its operating partnership, Simon Property Group, L.P., has acquired all of Taubman Centers, Inc. common stock for $43.00 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20 per cent partner in TRG.
“We are very pleased to complete this transaction and to add some of the world’s premier retail assets to our portfolio. 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,” commented David Simon, Chairman, Chief Executive Officer and President.
Robert Taubman, Chairman, President and CEO of Taubman added: “I am excited to work with the entire Simon team as we share ideas and implement best practices to enhance the operations and cash flow of our new joint venture.”
