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National  + Michigan  + Retail  | 

Simon Acquiring Taubman Centers in $3.6B Deal

Simon Property Group, the nation’s largest mall operator, has agreed to acquire Taubman Centers Inc. in an all-cash deal valued at $3.6 billion. The agreement entails Simon acquiring 80% ownership of the Taubman Realty Group Limited Partnership (TRG), with the Taubman family remaining a 20% partner in TRG.

Based in Bloomfield Hills, MI, TRG owns 24 super-regional shopping centers in the U.S. and Asia totaling 25 million square feet. They will continue to be managed by the existing Taubman executive team led by chairman and CEO Robert S. Taubman, in partnership with Simon.

“By joining together, we will enhance the ability of TRG to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers, and substantial new job prospects for local communities,” said David Simon, chairman, CEO and president of Indianapolis-based Simon.

The sale is expected to close in mid-2020.

Pictured: Taubman Centers’ Mall at Short Hills in Short Hills, NJ.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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