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Simon Completes Acquisition of Taubman Centers
The billion-dollar deal was on the rocks, but a price cut salvaged the acquisition.
Simon Property Group has completed its acquisition of an 80 percent ownership interest in fellow mall owner Taubman Centers.
Indianapolis—Simon Property Group has completed its acquisition of an 80 percent ownership interest in fellow mall owner Taubman Centers in a deal valued at $3.4 billion.
The Taubman family retains a 20 percent ownership interest in the Taubman Realty Group Limited Partnership.
The deal almost didn’t go through after Simon tried to back out in June, believing the company would be adversely affected by the COVID-19 pandemic.
Taubman had several factors working against it, Simon said—a significant number of enclosed retail properties and malls with high-end stores located in major metropolitan areas that depend on domestic and international tourists.
Simon also claimed Taubman failed to protect itself against the impact of the pandemic or take cues from others in the industry, including by not making “essential cuts” to its operating expenses and capital expenditures.
The two were heading to Oakland County Superior Court in Michigan, but a price cut salvaged the deal and squashed any pending litigation.
Simon agreed to a modified purchase price of $43 per share, down from the initial $52.50 per share. The discount amounted to around $800 million less than the original price of $3.6 billion.
“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, CEO, Chairman, and President of Simon Property Group in a press release about the acquisition.
“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.”
Known for its upscale shopping venues, Simon’s portfolio includes Copley Place in Boston and The Forum Shops at Caesars Palace in Las Vegas, as well as shopping centers across Europe and Asia.
Taubman owns, manages or leases 26 shopping centers in the United States and Asia, including the Beverly Center in Los Angeles and The Mall at Short Hills in New Jersey, as well as shopping centers in Xi’an, China and Hanam, South Korea.
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