Simon Property Group is set to acquire Taubman Centers Inc. a rival of the mall company. Simon Property Group is set to purchase the company for over 3 billion dollars. Taubman Realty Group headquartered in Detroit will soon have a new owner. The deal was announced on Monday by Chairman and CEO David Simon and Robert Taubman, Head of Taubman. Each leader had this to say: “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.
We look forward to seeing Simons innovation for Mall properties.
Photo Courtesy: Simon