Indianapolis-based Simon Property Group, the country’s biggest shopping center administrator, is developing in size, and the sticker price is $3.6 billion.
That is the amount Simon is paying to purchase Taubman Realty Group (TRG), which is headquartered in rural Detroit. The arrangement was declared Monday by Simon Chairman and Chief Executive Officer David Simon and Robert Taubman, the head of Taubman.
“Over the last few years, David and I have developed an excellent personal relationship and most importantly, Simon shared our commitment to serving retailers, shoppers and the communities in which we operate. The board and I are confident that Simon is the ideal partner to help us build on our progress,” said Taubman.
“By joining together we will enhance the ability of Taubman to invest in innovative retail environments that create exciting shopping and entertainment experiences for consumers, immersive opportunities for retailers and substantial new job prospects for local communities,” said David Simon.
Taubman Realty Group possesses 24 strip malls in the U.S. Simon claims ordinarily that number. As per Monday’s declaration, TRG will keep on being overseen by the organization’s official group.
Simon’s corporate home office is in downtown Indianapolis. It, and other shopping center administrators. have seen a large number of the retailers in their properties close as of late as customers go to online other options. A week ago, Macys reported designs to close 125 of its stores. Macy’s as of late shut down in Glendale area in Indianapolis, and the Macys in Muncie is shutting.