Simon Property Group (SPG) closes acquisition of Taubman Centers, Inc.

Simon Property Group (SPG) announced today that it has completed its acquisition of Taubman Centers, Inc. at the revised purchase price of $43/share.  As previously noted, the deal has been structured with the Taubman family retaining an approximate 20% interest in the portfolio, which has been structured by Simon as an equity-accounted joint venture.

Simon Property Group, an S&P 100 company, is one of the largest REITs in the U.S. with a total market capitalization of approximately $48 billion as of September 30, 2020. The company's portfolio includes interests in 235 regional malls and outlet centers aggregating 191 million square feet, and a 20% interest in Klepierre, a publicly traded European shopping center company.