Taubman Centers to Sell 50 Percent of its Interests in Three Asia Shopping Centers for $480 million

by Alex Tostado

Bloomfield, Mich. — Taubman Centers Inc. has agreed to sell 50 percent of its interests in three Asia-based shopping centers to The Blackstone Group.

The interests are valued at $480 million. Bloomfield, Michigan-based Taubman will remain responsible for the management of the properties and retain the following ownership interests:

• 17.15 percent in Starfield Hanam (Hanam, South Korea)

• 25 percent in CityOn.Xi’an (Xi’an, China)

• 24.5 percent in CityOn.Zhengzhou (Zhengzhou, China)

Net cash proceeds to Taubman are expected to be about $315 million. J.P. Morgan was the financial adviser to Taubman on the transaction.

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