Simon Property Group Acquires Taubman Centers Retail Portfolio For $3.6B

Simon Property Group, led by David Simon, has acquired rival shopping mall operator Taubman Centers, led by Robert S. Taubman, in a multi-billion dollar deal. The transaction, which closed on February 11, 2020, involves the purchase of Taubman's retail assets for a total price of $3.6 billion. Taubman owns, manages, and/or leases 26 super-regional shopping centers in the United States and Asia, totaling approximately 25 million square feet. Simon, on the other hand, has interests in 235 retail properties worldwide, spanning a total of 191 million square feet.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $3,600,000,000
• Square Footage: 25,000,000
• Price per Square Foot: $144
• Interest: 80%
• Price per Share: $52.50
• Ticker Symbol: TCO

It is worth noting that Simon Property Group's acquisition of Taubman Centers solidifies their position as a prominent player in the retail real estate market. Both companies have a significant presence in multiple markets, including NJ, Chicago, California, and Asia. This transaction demonstrates Simon's strategic expansion plans and their commitment to growth in the retail sector. With this acquisition, Simon further strengthens its portfolio by adding Taubman's well-established shopping centers to their existing retail assets.

Overall, the deal between Simon Property Group and Taubman Centers signifies a significant consolidation within the retail real estate industry and showcases the ambition and vision of both companies' leadership teams. The transaction marks a major milestone in the expansion strategies of Simon Property Group as they continue to shape the future of retail real estate.