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Home Business Twelve Oaks Mall, Great Lakes Crossing Outlets get a new owner

Twelve Oaks Mall, Great Lakes Crossing Outlets get a new owner


#Bloomfield #Hills-based mall owner and developer #Taubman #Centers has been sold to #Simon #Property #Group, the largest mall operator in the U.S., in a deal once threatened by the COVID-19 pandemic.

#Indianapolis-based #Simon announced #Tuesday that it has finalized its $3.4 billion purchase of an 80% ownership stake in The #Taubman #Realty #Group #Limited #Partnership, which gives it full ownership of #Taubman #Centers, including #Taubman’s remaining two #Michigan malls: #Great #Lakes #Crossing #Outlets in #Auburn #Hills and #Twelve #Oaks #Mall in #Novi.

The #Taubman family sold about one-third of its ownership interest in the deal and still has 20% of the limited partnership, according to a news release.

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#Simon was to pay $43 per share for #Taubman, down 18% from the $52.50 per share price when the deal was announced on the eve of the pandemic’s arrival in early #February. #In #June, #Simon threatened to pull out of the deal, saying the pandemic and mall shutdowns had put tremendous financial strain on #Taubman and that “extreme actions” might be necessary to rescue the company.





[ source link ]
https://www.freep.com/story/money/business/2020/12/29/twelve-oaks-great-lakes-crossing-taubman-sale/4079187001/

##Twelve ##Oaks ##Mall ##Great ##Lakes ##Crossing ##Outlets #owner

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