Simon Property Group to acquire Taubman Centers in $3.6 billion dealChristian Fernsby ▼ | February 10, 2020
Simon Property Group said today it has entered an agreement to acquire mall REIT Taubman Centers in an all-case deal valued at about $3.6 billion.
Acquisition Simon Property Group
Topics: Simon Property Group acquire Taubman Centers
The deal is expected to immediately boost Simon's funds from operations and to be at least 3% accretive on an annualized basis after closing.
Taubman owns, manages and/or leases 26 super-regional shopping centers in the U.S. and Asia, consisting of about 25 million feet of gross leasable area.
The company will continue to be managed by its existing executive team, under the leadership of Taubman Chairman, President and Chief Executive Officer Robert S. Taubman, in partnership with Simon.
The deal is expected to close by mid 2020. ■