NewsPublic Affairs / February 11, 2020

Simon Property Buys Taubman Shopping Centers For $3.6 Billion

Simon Property Buys Taubman Shopping Centers For $3.6 BillionThe $3.6 billion purchase of Taubman Centers will expand Simons mall portfolio with additional locations worldwide.Simon Property Group, real estate, shopping malls2020-02-11T00:00:00-05:00
Original story from   IPBS-RJC

Article origination IPBS-RJC
Simon Property Buys Taubman Shopping Centers For $3.6 Billion

Simon Property Group

Indianapolis-based Simon Property Group announced Monday it is purchasing more shopping centers in a multi-billion dollar deal. The move follows a recent string of announcements of major department stores closing brick-and-mortar stores.

The $3.6 billion purchase of Taubman Centers will expand Simon’s mall portfolio with additional locations worldwide.

Both companies believe this acquisition will be beneficial, at a time when Macy’s and several other long-standing retailers announced store closings

Indiana University Kelley School of Business Center for Education and Research in Retail director John Talbott says that’s not the whole picture. In fact, he says retail grew 4 percent last year.

“The best malls are doing great and the kind of secondary, tertiary malls are not doing as well,” says Talbott. “And what we’re seeing in the brick-and-mortar world right now is a kind of consolidation of the less productive space into maybe alternative use cases.”

He says the announcement is a win for Simon and the state of Indiana.

“We happen to be home to the largest real estate investment trust in the world,” says Talbott. “And this just sort of emphasizes the strength they have in the business and I think is good for the long-term business climate within Indianapolis and Indiana.”

Michigan-based Taubman currently operates or manages 26 malls in the United States and Asia.

Contact Samantha at shorton@wfyi.org or follow her on Twitter at @SamHorton5.

At WFYI, our goal is to cover stories that matter to you. Our reporting is rooted in facts. It considers all perspectives and is available to everyone. We don't have paywalls, but we do need support. So if unbiased, trusted journalism is important to you, please join us. Donate now.

 

 

Related News

Boy, 8, Dies After Shots Fired Into House In Indianapolis
FBI Warns Of Direct Payment COVID-19 Scams
Self-Employed Hoosiers Still Waiting On Promised Unemployment Insurance